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Newmark Completes Sale Of 156,000SF One Mockingbird Plaza In Dallas

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Newmark announced the sale of One Mockingbird Plaza, a recently renovated, 156,104-square-foot office located in Dallas’ dynamic Medical/Love Field District. Newmark Vice Chairmen Chris Murphy, Gary Carr, Robert Hill and Director Chase Tagen represented the seller, TXRE Properties.

One Mockingbird Plaza is prominently located along Mockingbird Lane, east of I-35E and is within five minutes of Dallas Love Field and flagship campuses for UT Southwestern Medical Center, Parkland Memorial Hospital and Children’s Medical Center. The recently renovated, eight-story office building includes a modernized lobby, conference facility and fully equipped fitness center. The adjacent three-level parking garage offers convenient structured parking. One Mockingbird Plaza is 94 percent leased to a diverse base of tenants.

“One Mockingbird Plaza’s appeal is driven by its recently completed renovations, strong in-place cash flow and location within Dallas’ premier emerging marketplace and developing life sciences cluster,” said Murphy. “In addition to its three major medical campuses, the surrounding area has received significant national attention from major life science tenants and investors, alike.”

The Dallas Medical/Love Field District houses seven hospitals and teaching institutions, employs more than 37,000 people and attracts nearly three million patients annually. The district includes major flagship campuses of UT Southwestern, which ranks among the world’s top academic medical centers; Children’s Health, the leading pediatric healthcare system in North Texas and one of the largest pediatric healthcare providers in the U.S. and Parkland Health & Hospital System, one of the largest public hospital systems in the country.

 

Source:  Market Screener

Newmark Arranges Disposition Of 15-MOB Portfolio Across Seven High-Growth Sunbelt States And Facilitates Acquisition Financing For The Assets

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Newmark announed it has facilitated the sale of the Southern Core Medical Office Portfolio, a 15-building, approximately 400,000-square-foot medical office building portfolio located across seven Sunbelt states.

Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley and Managing Director John Nero of Newmark’s Healthcare Capital Markets Group represented the seller, Montecito Medical, and advised the buyer, KKR Real Estate Select Trust Inc. (KREST) on debt financing which was provided by BMO Harris Healthcare Real Estate Finance.

“This acquisition provides instant scale across high-growth Sunbelt markets, making it an attractive first investment in core healthcare real estate assets for KREST,” said Appel. “With Montecito Medical retaining its interest in and operational responsibility for the portfolio, this investment is able to provide long-term, stable income for its new ownership while aligning with Montecito Medical’s operational expertise in the healthcare sector.”

The portfolio comprises 15 outpatient medical office buildings and ambulatory surgery centers located across the southern United States in growth submarkets within Arkansas, Florida, Georgia, North Carolina, Tennessee, Texas and South Carolina. The portfolio is over 99% leased to a mix of leading investment-grade health systems and specialist medical groups in practice areas including gastroenterology, nephrology, orthopedics, ophthalmology and urology.

Newmark’s Healthcare Capital Markets group worked in partnership with the firm’s Debt and Structured Finance practice to arrange portfolio financing for the acquirer.

“We appreciate the opportunity to support KREST on this important portfolio financing, which was well received by the lender market given the portfolio’s attractive investment fundamentals and quality provider tenancy,” said John Nero, Managing Director.

 

Source: HREI

Harrison Street Acquires Portfolio Of Eleven Medical Office Buildings In Six States

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Ryan Cos. has completed the disposition of an 11-building medical office portfolio encompassing 500,778 square feet throughout Florida, Illinois, Minnesota, North Carolina, North Dakota and Wisconsin.

Harrison Street Real Estate Capital acquired the portfolio, while Ryan Cos.’ healthcare real estate management arm will continue to offer operations services. Newmark’s Healthcare Capital Markets Group represented the seller.

The portfolio includes the 24,000-square-foot Surgery Partners Valley Ambulatory Surgery Center in Saint Charles, Ill., along with a multi-use integrated service center, among others. Completed in 2019, the Saint Charles asset at 2475 Dean St. traded for $13.9 million, according to Kane County records.

The portfolio sale succeeded another medical office transaction between Ryan Cos. and Harrison Street. Last week, the latter acquired three medical facilities across suburban Milwaukee from Ryan Cos. for a total of $92.6 million, according to the Milwaukee Business Journal. The trio of assets is currently leased to The Froedtert & the Medical College of Wisconsin and Children’s Hospital of Wisconsin.

A Cross-Sector Developer

Over the past five years, Ryan Cos. has completed more than 3.1 million square feet of medical facilities nationwide, but the developer is also active across other sectors. Last July, the company teamed up with DWS Group to develop Confluence at Mesa Gateway, a speculative industrial project totaling more than 515,000 square feet in Mesa, Ariz. The six-building industrial park is slated for a mid-2022 completion.

Ryan Cos. is also on track to break ground on a 400,000-square-foot Class AA office tower in Plano, Texas. The 24-story building is already 50 percent preleased to Ryan LLC, a tax services, software and technology firm. The office tower is scheduled for completion in early 2024.

 

Source: Commercial Property Executive