Dallas, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, recently brokered the sale of Northpoint III, a Class A medical office building in North Dallas. Medical Edge Healthcare Group purchased the property in late July. Located at the northeast corner of Interstate 635 and Greenville Avenue, Northpoint III offers approximately 38,794 of rentable office space on 2.78 acres of land.
In August 2005, PMRG and Quorum Equities Group, LLC jointly acquired a majority interest in Northpoint Professional Limited, which owned Northpoint III. One month later, the PMRG and Quorum partnership performed a .5 million redevelopment of the property, which included major capital improvements and extensive tenant renovations.
Throughout the redevelopment process, PMRG served as property manager and provided leasing services for the property.
"This transaction is a perfect example of how PM Realty Group can offer the full scope of services for medical office buildings - from design and development, to management, leasing and sales," said Stephannie Mower, executive vice president and managing director - investment services for PMRG. "With the growth of the medical office building sector around the country, and especially in the Dallas/Fort Worth area, we believe this transaction is the first of many build/lease/sell scenarios PMRG will complete."