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PLANO, TX-An investment group from Dallas has struck a sale-leaseback agreement for a medical office building on the Medical Center of Plano campus. A comparable piece of specialty real estate would bring $120 per sf to $130 per sf on the open market.

BRRS Associates LP of Plano has sold a 10,659-sf office building on nearly one acre at 3709 W. 15th St. to GRSL LLC, a partnership led by Henry S. Miller Commercial executives Sam Kartalis and Greg Trout. The Dallas-based brokerage house’s Matt Anding was marketing the deal without an ask on behalf of the North Texas Obstetrics & Gynecology Association, comprised of two doctors who’ve had their offices and medical lab in the building for several years. Collin County has the 19-year-old office building assessed at $1.5 million.

Kartalis says the doctors signed a three-year, triple-net lease to close the agreement. “They’ve been there a long time. I’m sure they’re going to want to stay,” Henry S. Miller’s president and COO tells GlobeSt.com. “The hospital controls the campus so there’s a lot of stability there. Every building on that campus is fully utilized.”

Kartalis says the four-year-old partnership has sold most of its properties in the metroplex in the past two years, but he believes the medical office building could be a longer hold due to its product type and location on a campus anchored by 427-bed, acute-care hospital with 900 physicians on staff. “We liked the location,” he says. “But, we’re not focusing on any particular type of real estate. It’s whatever we think is a good investment.”

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