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PLANO, TX-A first-time investor in North Texas real estate has bought a 21,309-sf medical office complex for about $4.6 million. With one deed in hand, the Chicago investor is scouring the metroplex for additional medical office properties.

The private investor’s inroad is the two-building Hunter’s Glen at 5509 Pleasant Valley Rd., leased to 12 tenants including the seller, Dr. James Slater, who will continue to oversee the asset for a couple years, David Shaffer, managing director of investment sales for Dallas-based GVA Cawley tells GlobeSt.com.

Shaffer says many tenants have been in place for a decade, keeping the asset historically at 100% occupancy. The 1.04-acre Hunter’s Glen space is quoted at $22.50 per sf, triple net, to put it at the upper end of the submarket’s average “That’s a strong rate,” Shaffer says. “It’s basically a long-term hold with a decent return.” He says the new owner was one of four investors placing offers during the two-month marketing.

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