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Plano Medical Office Building Attracts New Physician Groups With Planned Renovations

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Transwestern Real Estate Services announces US REO Fund, a Plano-based real estate investment firm, has selected Transwestern to provide leasing support for 7000 W. Plano Parkway, an 80,000-square-foot, two-story medical office building in Plano.

Formerly known as Plano Pediatric Medical Pavilion, the property will undergo landscape, lobby and common area renovations and rebrand as Prestonwood Medical Center targeting multiple medical specialties in addition to pediatrics. The building features an operational surgical center as well as gastroenterology practices on the first floor.

In addition to general pediatric specialties, the building formerly housed a sports medicine and orthopedic practice and a sleep apnea practice. Spaces ranging from 1,700 to 9,700 square feet are available across the entire second floor.

Built in 2005, Prestonwood Medical Center includes 6 per 1,000 parking and is directly across the street from Prestonwood Baptist Church and Hebron High School. With proximity to The Shops at Legacy, The Clubs of Prestonwood and large system medical campuses, the building offers physicians and patients nearby amenities that support daily operations.

According to Transwestern research, the Dallas-Fort Worth medical office market finished 2021 with positive momentum. Healthcare users continue to absorb space, bringing vacancy rates down to their lowest levels since 2018. As a result, rent growth has accelerated as tenants compete for a shrinking pool of available space. Triple net rents are up 4.1% from last year, nearly double the average growth rate.

 

Source: REjournals

Southeast Gateway Medical Office Portfolio Sold

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CBRE U.S. Healthcare and Life Sciences Capital Markets iannounced the sale of the Southeast Gateway Medical Office Portfolio (the “Portfolio” or alternatively, the “Properties”).

Lee Asher, Chris Bodnar, Jordan Selbiger and Ryan Lindsley partnered with Morgan Hillenmeyer from CBRE Nashville Investment Properties and Patrick Gildea with CBRE Carolinas Investment Properties to act as the seller’s exclusive advisors.

The Portfolio consists of eleven (11) medical office properties located in some of the most desirable markets in the Southeastern US. The Properties are concentrated within the Atlanta, Nashville and Charlotte MSAs and benefit from the exceptional, high-growth demographic trends that define the region.

The Portfolio is 95% leased with a roster of tenants that is 69% composed of health systems and credit quality physician groups, representing a diverse mix of clinical specialties. Health system tenants within the Portfolio include Piedmont Healthcare (Moody’s ‘A1’), Northside Hospital, WellStar Health System (Moody’s ‘A2’), Emory Healthcare (Moody’s ‘Aa2’), Children’s Healthcare of Atlanta (Moody’s ‘Aa2’), Vanderbilt Health (Moody’s ‘Aa3’), TriStar Medical Group / HCA (Moody’s ‘Baa3’), U.S. Department of Veteran Affairs, Atrium Health (Moody’s ‘Aa3’), and Novant Health (Moody’s ‘Aa3’).

 

Source: HREI