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10 Texas Medical Office Building Updates From The First Half Of 2023

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The market for medical office buildings has been booming this year, as investors and real estate managers have touted their stability and upside potential.

Here are 10 Texas medical office building updates from 2023:

  1. A 40,000-square-foot building in Stafford, Texas, that sits on 3.4 acres was sold.
  2.  Ground was broken on a 60,000-square-foot office, the Frisco Medical Pavillion II, set to open in 2024.
  3. A 31,247-square-foot medical office building in Plano, Texas, anchored by Dallas Neurological and Spine, was acquired by Montecito Medical.
  4. Wolf Capital Partners acquired the newly rebranded HeightsMED building, launching renovations that are expected to be complete in mid-2023.
  5. Big Sky Medical acquired a 110,465-square-foot medical office building with rentable space in El Paso, Texas.
  6. The Memorial Hermann Medical Plaza in Houston was awarded an Energy Star certification by the U.S. Environmental Protection Agency.
  7. Remedy Medical Properties and Medical Facilities Holdings completed a 59,741-square-foot medical office building in San Antonio, Texas, that is anchored by a Physician Surgical Network Affiliates ASC.
  8. An 82,328-square-foot Methodist Southlake (Texas) medical office building outside of Fort Worth, Texas, attached to a Methodist hospital sold.
  9. The 61,660-square-foot medical office building the Medical Center of Tomball (Texas) has been purchased for $24.6 million.
  10. Two Texas residents are in custody for burning down a three-story medical office building under construction in Spring, Texas.

 

Source: Becker’s ASC Review

Montecito Medical Acquires Medical Office Building In Dallas

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Montecito Medical, a leading acquirer of medical office properties nationwide, has completed the acquisition of a medical office property in the Dallas suburb of Plano, Texas.

The 31,247 square-foot building is tenanted by five medical providers and anchored by Dallas Neurological and Spine..

“We are delighted to acquire yet another high-quality medical office asset in the DFW Metroplex, where we have completed a number of other acquisitions over the past two years, and are even more excited to begin a long-term relationship with the highly respected providers who serve patients from this property,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.

During its 50 years of serving patients, Dallas Neurological & Spine has become a national destination for those in need of expert care. In addition to its Plano office, the group’s team of renowned, fellowship-trained neurosurgeons deliver care from locations in north Dallas and Frisco. Sixteen miles north of downtown Dallas, Plano is an affluent community of 284,000, making it one of the 10 largest cities in Texas.

In the past two years, Montecito has acquired 15 medical office properties across the Dallas-Fort Worth Metroplex.

“We continue to build a very strong presence in this area, and continue to be excited about the number of provider groups interested in partnering with us both to make the most of their real estate and to access AI-powered technology solutions to reduce costs, increase revenues and better serve patients,” said Chip Conk, CEO of Montecito Medical.

 

Source: Valdosta Daily Times