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NexCore Group Breaks Ground On Dallas-Area Medical Office Building

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NexCore Group, on behalf of Hunt County Regional Hospital, has broken ground on the Hunt Regional Healthcare Medical Office Building, a 70,000-square-foot facility in Royse City, Texas.

The development team includes Hill & Wilkinson General Contractors and architecture firm Page Southerland Page. Delivery is expected in the fall of 2024.

In April, the City awarded a $925,000 cash incentive to NexCore Group for the development of the property. The project involves a $20 million capital investment.

Upon completion, the property will be home to an emergency facility, as well as to specialty practices including women’s care and orthopedics. Medical services provided will include diagnostic imaging, laboratory services and primary care.

The health-care facility is taking shape at the intersection of Interstate 30 and Shaw Road, some 30 miles from downtown Dallas. Other medical providers in the surrounding area include Royse City Dental Care, Royse City Emergency Hospital, Texas Health Family Care and Hunt Regional Family Medicine, among others.

NexCore Group currently has four other projects, located in Indiana, Colorado, Nevada and Arizona, in its development pipeline. The medical office buildings have a completion date set for the last quarters of 2023 and 2024.

Another medical office building broke ground near Dallas earlier this year. Caddis Healthcare Real Estate kicked off the construction of a 60,000-square-foot facility in Frisco, Texas.

 

Source: Commercial Property Executive

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Dallas-Based Caddis Breaks Ground On 60,000 SF Healthcare Project In Frisco

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Caddis, a Dallas-based developer exclusively focused on healthcare real estate, has broken ground on a 60,000-square-foot project in Frisco.

Frisco Medical Pavilion II will be located at 12850 Dallas Parkway, just north of Texas Health Frisco, a full-service hospital that opened in 2019.

Dallas-based Grace Hebert Curtis Architects is designing the project, and Novel Builders is serving as the general contractor.

Transwestern is the leasing agent. Completion is slated for early 2024.

 

Source: REBusiness Online

Dallas-Based Caddis Hires Sector Veteran To Grow The Company’s MOB Portfolio

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W. Todd Jensen has plenty of experience in the healthcare real estate (HRE) sector, and in his 25-year career with both public and private companies has been involved in more than 300 transactions topping $5 billion.

W. Todd Jensen

Dallas-based Caddis, which has been focused on healthcare facilities since its founding as the successor to a previous HRE firm in 2008, is looking to tap into Mr. Jensen’s experience to help grow its medical office building (MOB) portfolio, which currently comprises 42 assets with about 2 million square feet of space and $600 million in value The company recently hired him for a newly created position: executive VP, investments.

“We created this new position because we wanted to add more senior talent to help us grow our portfolio and expand our capital relationships,” says Lance M. Hardenburg, managing partner and CEO of the HRE firm with a national platform. “The company looks to grow the portfolio by making MOB acquisitions through our various medical office investment funds. However, we will continue to consider MOB development opportunities outside our investment funds, and where strategic or other considerations dictate our doing so, we also may pursue acquisitions opportunities on a separately syndicated basis. Mr. Jensen will lead Caddis’ acquisitions team while also providing strategic leadership to business development, capital relationships and development operations.”

As noted, Mr. Jensen’s experience is quite extensive, as prior to joining Caddis he was principal of Jensen Property Group, a real estate development and investment firm focused on healthcare, mixed-use and multifamily properties. Prior to that, Mr. Jensen was with New York-based Healthcare Trust Inc., a non-traded real estate investment trust (REIT), where he helped raise and invest nearly $5 billion in healthcare-related properties. He also spent more than 15 years with several HRE firms, including DASCO Companies, Lauth Property Group and Hammes Company.

Upon learning of Mr. Jensen’s new position, HREI reached out and he agreed to answer questions tossed his way.

HREI: Can you tell us why you decided to join Caddis? What excites you about the company and this opportunity?

W. Todd Jensen: I decided to join Caddis because they are a well-regarded firm with proven capabilities in the acquisition, capitalization, development and management of both medical office buildings and senior housing properties. It’s a great fit with my background and 25-year experience in healthcare real estate, where I have acquired and developed both medical office buildings and senior housing properties on a nationwide basis. I’m excited about the opportunity to help grow the company and the portfolio. That’s what I’ve done a lot in my career — help healthcare real estate businesses grow — and I’ve always thoroughly enjoyed the challenge. There is already a great platform that is poised for growth, and both Caddis and I think I can help.

 

Source: HREI