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BEDFORD, TX-A group of physicians has struck a 15-year sale-leaseback for a 20,000-sf medical office building that was completed five months ago. The buyer is a limited liability company from Turmwater, WA, who paid slightly north of $5 million for the deed.

Glen Hahn, president and CEO of Innovative Developers Inc., says the off-market deal resulted from a conversation with one of his broker friends who was searching for an investment in the area for the private investor. The Cardiovascular Specialty Associates of North Texas building at 1924 Forest Ridge Dr. was sold by CVD Realty Ltd.

“Ninety-eight percent or 99% of the groups want to hold their property,” Hahn says. “To step right in, crate the property and immediately sell it was a little bit unique for us.” IDI will manage the building for the new owner, TPG-Peninsula LLC.

With the sale now complete, Hahn tells GlobeSt.com that the hunt is on for a tenant or tenants to jump-start a second building on the balance of the seller’s 3.5-acre tract, which is located one block from Texas 183 and next door to Bedford City Hall. “It’s a great site,” he says. “We have talked to several people in the medical profession about this.”

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