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ARLINGTON, TX-Caddis Partners LLC and MedProperties Holdings LLC have joined forces to launch a second project, the Texas Clinic at Arlington. Financing has closed on the 110,000-square-foot clinic and groundbreaking is imminent, with completion approximately 12 months down the road.

“There hasn’t been a new, class A medical office building out there since the mid-1990s,” explains Jason Signor, Caddis Partners principal and partner. “A lot of the buildings in the community are older and somewhat antiquated.” The three-story building at the intersection of Arbrook Boulevard and Matlock Road is built has been designed with sustainability in mind to cut electricity costs, and Signor tells GlobeSt.com that application for LEED certification is in its future.

Texas Clinic at Arlington will be built in two phases, and the first phase, totaling 70,000 square feet, has been 72% pre-leased to mainly primary care physicians. Approximately one-third of the first phase will contain specialists. The second phase will be geared to specialty professions.

Signor acknowledges that obtaining financing for the project was difficult, but the joint venture was able to finance the construction through Northstar Bank in Denton, TX. MedProperties is providing approximately 50% of the project’s equity. Corgan Associates is the architect of record and Hill & Wilkinson the general contractor.

Caddis Partners and MedProperties, both in Dallas, first teamed up on the 65,000-square-foot Reliant Rehabilitation Hospital-Mid Cities, which broke ground last September. That project is scheduled for a fall 2010 opening.

Signor says the joint venture is planning for more buildings to go vertical in 2010. “We’re hoping to announce more in the next 60 to 90 days,” he adds. “At this point, lending has been the holdup, but when we get that approved, we can move forward.”

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