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BETTENDORF, IA-Alter+Care has sold a 59,615-sf medical office building here for less than $12 million. The Dallas-based RM Crowe Co. purchased the Terrace Park Professional Center, at 4480 Utica Ridge Rd., as part of a new $50 million fund to acquire healthcare facilities across the country.

James Clark III, managing principal of EnTrust Realty Advisors LLC, says Alter+Care, the developer, unloaded the property because the firm doesn’t hold onto properties long-term. Both companies are affiliates of the Chicago-based Alter Group. “We’re more of a merchant builder, we build, lease and sell,” he says. “The property is fairly stabilized, given the strength the attached hospital. This will allow Alter to move onto other projects.” Jim Roberts with First Texas Realty Group Inc., represented the buyer in the deal.

The center is attached to the 150-bed Trinity at Terrace Park Hospital, which leases about 45% of the professional building. Developed in 2004, the center is 80% leased, and houses outpatient medical services such as family practice, internal medicine and physical therapy. Asking rates are between $19.50 and $20 per sf, net, Clark says.

He tells GlobeSt.com that the property type is one of the bright spots in the currently dark world of property development and sales. “This is a pretty resilient niche property type,” Clark says. “People need to see their doctors, and hospitals are increasingly outsourcing to outpatient facilities. While a lot of other things have slowed down, medical office continues to be doing well.”

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