Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETTENDORF, IA-Dallas-based RM Crowe has purchased the Terrace Park Professional Center, a 59,615-sf medical office that’s attached to the new 150-bed Trinity at Terrace Park Hospital. Alter+Care, based in Chicago, developed the building at 4480 Utica Ridge Rd. four years ago. Sources say RM paid more than $10 million for the three-story property. This is the first purchase in Iowa for the Southwest firm, and the first for its new $50 million medical office fund.

The building is 80% leased, according to a statement by EnTrust Realty Advisors LLC, which represented the seller. Jim Roberts with First Texas Realty Group Inc. represented the buyer in the transaction.

H. Dodd Crutcher, chief investment officer with RM, says the property has multiple tenants. “The hospital occupies about 45% of the building,” he tells GlobeSt.com. “This building fit a lot of our criteria. It’s relatively new on the campus, anchored by a hospital and our demographic research showed the need and growth of Bettendorf and the hospital itself.”

He says the new fund is focused nationwide. “Another of our criteria for the fund is that we be geographically diverse. We’ve been looking at the Midwest for awhile, we also have a medical laboratory in Indianapolis,” Crutcher says.

His company anticipates using the fund to buy about $150 million worth of new product in the next six-to-nine months. “We found the whole health care industry isn’t subject to the economic volatility of other industries, especially considering the aging population and the need for additional health care,” Crutcher says. “Medical offices, in comparison with other real estate investments, appear safer, you’ve got triple-net, long-term leases, and solid tenant retention; doctors tend not to move as frequently as retailers or other office users.” The company is also looking to invest in operating companies within the healthcare arena, such as ambulatory surgery centers and small surgical hospitals, in partnerships with physicians. “We really think this is a growth industry,” Crutcher says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.