DALLAS--The Global Healthcare Services division of Newmark Grubb Knight Frank (NGKF) has completed the $56-million sale of a two-building medical office-building portfolio.
The Texas portfolio includes the 94,359-square-foot Legacy Medical Village located in Plano, and the 68,832-square-foot Conroe Medical Arts and Surgical Center located in Conroe. Executive managing directors Garth Hogan and Todd Perman, along with senior managing director Chris Gordon, represented the seller in the investment sale. The buyer, American Realty Capital, was not represented by a broker.
“The affordable care act is driving change in healthcare and moving patient care to a more integrated ambulatory setting, and all of that contributes to the demand for quality assets that serve that purpose,” Todd Perman, executive managing director with NGFK told GlobeSt.com.
Legacy Medical Village, built in 2007, is located at 5425 West Spring Creek Parkway. Conroe Medical Arts and Surgical Center, built in 2003, is located at 1501 River Pointe Drive. The two medical office buildings are collectively 93 percent leased to a mix of healthcare providers, including specialists and primary care physicians. The Conroe facility includes a state-of-the-art ambulatory surgical center that is owned by Tenet Healthcare. The Legacy Medical Village facility was designed around the future of healthcare, with primary care as the entry point and a mix of specialists located throughout for the continuum of care. Combined with integrated IT and a strategic tenant mix, its model elevates the efficiency of patient care.
“The portfolio's strategic asset location in proximity to high-growth markets and corporate patient bases, combined with strong economics and stable occupancy, proved to be very attractive to potential buyers,” says Gordon.
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