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ALLEN, TX-With medical office development riding a construction crest, Transwestern Commercial Services in Dallas has teamed with a North Texas developer for a 7.5-acre project that breaks ground Monday near the Presbyterian-Allen Hospital in the Twin Creeks mixed-use development.

Twin Creeks Medical Center will be developed in three phases, each about 35,000 sf, by JaRyCo Development LLC, led by Bruce R. Heller of Allen. Work begins with 40% of the specialty space already pre-leased, Jeff W. Anderson, an associate with the Dallas office for Houston-based Transwestern, tells GlobeSt.com.

Transwestern vice president John C. Waller Jr. says the project’s reception has been “tremendous” as medical users begin negotiations for the suburban space. A pain management treatment center and imaging operation already are signed amid talks with a physical therapy group and physicians.

It’s the second project that Waller and Anderson have pre-leased for Heller and it’s Transwestern’s first medical office assignment in Dallas, unlike Houston where multiple buildings have risen under TCS deal-making. Waller isn’t ready to commit to saying Transwestern is considering setting up a specialty group as other brokerage houses have done, but readily admits he and Anderson “are taking a special interest in the medical field. We’ve developed an extensive database.”

Transwestern is quoting $22.75 per plus electric and janitorial services. Waller says leases will be structured with five- to 10-year terms. The first phase delivers April 1, 2004, and subsequent ground-breakings hinge on demand, which at this time doesn’t appear to be an obstacle. In fact, Waller says there’s “an excellent chance” that the second building will come out of the ground before the first one delivers, particularly since some prospects have already initiated talks for the space.

Heller, a 20-year veteran of commercial projects, has built more than four million sf valued at $375 million. The Twin Creeks Medical Center is his second in his hometown. The Atrium at 1313 McDermott, a two-story traditional office building, was 93% leased when it opened in August 2002. Twin Creeks holds the distinction of being the first medical office project to get underway in a growing area with several other such projects on developers’ drawing boards, according to Waller.

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