Jan 24, 2012
PM REALTY GROUP SELLS PORTFOLIO OF 3 MEDICAL OFFICE BUILDINGS FOR $43 MILLION
DALLAS, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced it has completed the sale on three of its medical developments: Tuscan Professional Building (Las Colinas, TX), Forney Medical Plaza (Forney, TX), and Lake Pointe Medical Arts (Rowlett, TX); all three are PMRG developed, leased and managed medical office buildings located in the metroplex.
Universal Health Realty Income Trust (UHT), a real estate investment trust specializing in healthcare and human service related facilities, prevailed over five other institutional investors, purchasing the medical office portfolio for $43 million. UHT also partnered with PMRG in the development and ownership of Texoma Medical Plaza, an on-campus, 120,000 square foot medical office building adjacent to the Texoma Medical Center Hospital in Denison, TX.
The Tuscan Professional Building, an architecturally significant, Class A, two-story, 52,868 square foot medical office building is leased to physicians of various specialties and includes a surgery center, imaging/diagnostics center, sleep lab and commercial laboratory. The building is 100% leased and located near the Las Colinas Medical Center, an HCA acute care hospital and Baylor Health Center at Irving-Coppell.
PMRG's Forney Medical Plaza is the first phase in Forney's master planned medical community located on East US Highway 80, and is currently 98% leased. This Class A, two-story, 50,946 square foot medical office building is comprised of individual practitioners, large practice groups and a state of the art imaging/diagnostic center and pain center.
Lake Pointe Medical Arts, is a Class A, two-story, 50,974 square foot medical office building designed to accommodate a technologically advanced cancer radiation treatment center and wide variety of individual practitioners and practice groups seeking convenient access to Lake Pointe Hospital. This medical building is 98% leased and located on Lakeview Parkway (State Highway 66) just one mile east of the recently completed President George Bush Turnpike extension, in the rapidly growing community of Rowlett, Texas.
Glen Perkins, EVP/Managing Director of Development, handled the negotiation of the sale on a principal to principal basis. "PMRG took a contrarian position in our site selections and intentionally elected to pursue off-campus medical developments in rapidly growing submarkets and surrounding communities. We believed, with the changes in healthcare legislation, hospitals and physicians would want to expand their presence to satellite facilities. We are very happy with our decision."
PMRG has showcased a strategic offering with turn-key development, acquisition, disposition, management, leasing and strategic review of healthcare real estate including working with over 125 hospital systems, managing, leasing and developing over 15 million square feet of healthcare real estate and has negotiated over 3,000 physician leases. The key areas of opportunity that PMRG can provide the healthcare industry include development/joint ventures, portfolio management and investment sales.
For more information on PMRG's Development opportunities, visit the team's web page or contact Glen Perkins, Executive Vice President, Managing Director of Development.
PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.