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8/06/15
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American Realty Capital recently completed the acquisition of a medical office buy in Texas, paying $56 mil for a two-building, 163.2k sf ($343/sf) portfolio. The purchase includes the 94.4k sf Legacy Medical Village in Plano, and the 68.8k sf Conroe Medical Arts and Surgical Center in Conroe.
Legacy Medical Village, built in 2007, is located at 5425 West Spring Creek Pkwy. Conroe Medical Arts and Surgical Center, built in 2003, is located at 1501 River Pointe Dr. The two trophy medical office buildings are collectively 93% leased to a synergistic mix of healthcare providers, including specialists and primary care physicians.
The Conroe facility includes a state-of-the-art ambulatory surgical center that is owned by Tenet Healthcare. The Legacy Medical Village facility was designed around the future of healthcare, with primary care as the entry point and a mix of specialists located throughout for the continuum of care. Combined with integrated IT and a strategic tenant mix, its model elevates the efficiency of patient care.
The properties, strategically located near leading hospital campuses, are premier locations for medical practices in Collin County and Montgomery County. Legacy Medical Village, situated within the Legacy Business Park, is centrally located between the Children’s Medical Center Plano and the Texas Health Presbyterian Hospital. The Conroe Medical Arts and Surgical Center is adjacent to the recently expanded Conroe Regional Medical Center hospital campus in a rapidly growing northern suburb of Houston.
Garth Hogan, Todd Perman and Director Chris Gordon of the Global Healthcare Services division of Newmark Grubb Knight Frank represented the unnamed seller in the investment sale. American Realty Capital took care of its own end of the negotiations.
“The portfolio’s strategic asset location in proximity to high-growth markets and corporate patient bases, combined with strong economics and stable occupancy, proved to be very attractive to potential buyers,” said Gordon.
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