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Ventas Acquires $58 Million Behavioral Healthcare Facility Near Dallas

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Ventas has purchased a 101,608-square-foot healthcare facility in Plano, TX for $58 million from Cawley Partners.

The three-story property, located at 5120 Legacy Dr., is fully-leased to Denver-based, Eating Recovery Center. The tenant utilizes the facility for both inpatient and outpatient eating disorder treatment.

The acquisition represents Ventas’ first investment in an inpatient behavioral health facility.

The acquired property was originally built in 2016 by VanTrust Real Estate as a speculative office project. In 2018, Cawley Partners acquired the vacant property and secured a lease with ERC. The lease offered ERC a phased occupancy structure, which provided time for the tenant to increase operations, prior to occupying the entire building.

Cushman & Wakefield’s healthcare capital markets team, including Travis Ives and Gino Lollio, represented and advised Cawley Partners on the disposition of the facility.

“Ventas is one of the largest and most respected ownerships of healthcare real estate in the world,” says Ives. “Historically behavioral health facilities have been considered somewhat of a ‘niche’ asset within healthcare real estate, but this transaction may be a watershed moment for the industry as others take notice of Ventas’s entry into the space.”

“In a healthcare real estate market where yields continue to compress, experienced investors are starting to look outside of the typical MOB box towards emerging micro-niches to secure optimal returns with comparable low-risk and strong operational performance,” says Lollio.

 

Source: GlobeSt.

New Office Building On The Way Near Dallas’ Booming Medical District

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An office project in the works on West Mockingbird Lane will add to the development wave just west of Dallas Love Field.

Developer Cawley Partners plans to build the 150,000-square-foot office building at 2221 W. Mockingbird Lane near Harry Hines Boulevard.The building is in the same area where developers have constructed the West Love mixed-use hotel, apartment and retail complex. It’s near Dallas’ booming medical district.

“We were working on another building in this area but decided to move on this one first,” said developer Bill Cawley. “I have capital investors interested in doing it after we move through the rest of this year.”

Construction on the four-story building would begin early next year.

“I believe this area has so much potential for companies looking to grow in Dallas,” Cawley said. “You are right next to Love Field. It’s easily accessible from Interstate 35E and the Dallas North Tollway. I think we’re going to see this become a more desirable corporate location with new companies looking to move in.”

Dallas architect Corgan designed the office project, which will include food service facilities, a fitness center and a conference center.

Cawley Partners is planning the northwest Dallas building just as it breaks ground for another office in Plano. Cawley Partners is developing that building in partnership with Plano’s pioneer Haggard family for First United Bank’s mortgage company.

The 120,000-square-foot Parkwood building is being constructed on the east side of Dallas North Tollway at Parkwood Boulevard and Windhaven Parkway.

 

Source: The Dallas Morning News

Plano, Texas, Healthcare Facility Looks For A Buyer

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Cushman & Wakefield’s US Healthcare Capital Markets team is representing Dallas-based Cawley Partners in the sale of a 101,608-square foot three-story class-A healthcare facility at 5120 Legacy Drive.

The property is currently on the market with offers due later this month. The property was completed in 2016 as a speculative office project. Denver-based Eating Recovery Center/ERC has committed to an 18-year lease on the entire building, which will house both inpatient and outpatient services.

The property is currently undergoing more than $22 million in landlord and tenant improvements that will allow ERC to operate 72 inpatient hospital beds licensed by the Texas Department of State Health. Upon completion, ERC will be the only provider in the state with licensed inpatient hospital beds dedicated exclusively to the treatment of eating disorders.

ERC is planning to move into the building in the first quarter of 2020.The facility will complement ERC’s existing locations in the Dallas/Fort Worth area.

The property sits on 7.25 acres within Legacy Business Park, a 2,600-acre business, retail and residential community along the Dallas North Tollway. The world-class development is a distinctive address for many top corporate firms including JC Penney, Frito-Lay, PepsiCo, JP Morgan Chase and Toyota.

 

Source: GlobeSt.