When the deal closes, BioTech Medics Inc. immediately will move into about 20,000 sf of the 65,267-sf vacancy at 9535 Forest Lane to set up a consolidation of its headquarters, now at 222 W. Las Colinas Blvd., in Irving, and two other offices in the Dallas area and possibly a fourth if the merger with Harwood Enterprises Worldwide Nutraceutical Co. is successful, Keith Houser, BioTech's CEO, tells GlobeSt.com. "We have ancillary healthcare partners who have indicated a desire when their leases are up in April and September to come and join us," he adds. "The minimum they'd take is 10,000 sf and the most is 20,000 sf."
The two-story, class B building has been on the market at least six months. Local firm Beer Wells Real Estate Services Inc. not only is managing the asset, but has been trying to sell it for owner of record, Center Acquisition LP of Wenatchee, WA, a 50-50% partnership with Vincent Stagliano, a Plano investor, according to tax records. The partnership bought the 5.5-acre asset in September 2004.
Houser says the BioTech Medics team looked at "eight or nine" office buildings in the northeast submarkets before settling on Waterview. The corporate campus setting and the price were the dealmakers, he says. Kathy Mulgrew of Dallas represented BioTech, which intends to open a pain management and wellness center in part of the class B office space. The firm's long-range plan is to build a nationwide network of pain management and wellness centers.
Houser says BioTech Medics has secured an equity partner for a 20% stake in the real estate. Meanwhile, negotiations are under way with Beer Wells to lease and manage the property. The healthcare provider plans to finance the balance of the purchase with financing from a local bank, according to Houser. The plan is to close between April 1 and 10 "unless the title company comes up with a surprise," he says, adding that to date the property has passed muster and is expected to close without any hitches.
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