IRA Capital LLC sold three Class A properties totaling 137,686 square feet in Dallas–Fort Worth and Austin, Texas. The assets are fully leased to long-term tenants.
by Ariela Moraru | Aug 17, 2017
IRA Capital LLC disposed of a three-property medical office portfolio in Dallas–Fort Worth and Austin, Texas. HFF marketed Class A portfolio, which totals 137,686 square feet, on behalf of IRA. The company also procured the buyer, a publicly traded health care REIT.
The properties are fully leased to a mix of local, regional and national tenants, backed by major health providers such as Baylor Scott & White Health, Surgical Care Affiliates and The Center for Cancer & Blood Disorders. The facilities provide cancer treatment, radiation oncology, medical oncology, cyberknife, orthopedic surgery, gastrointestinal endoscopy procedures, pain and spine treatments, primary care and family medicine. The portfolio comprises:
- The Center for Cancer & Blood Disorders in Dallas–Fort Worth
- Baylor Health Center at Magnolia Greens in Dallas–Fort Worth
- Cedar Park Medical Center in Austin
Located at 800 W. Magnolia Ave. in the Fort Worth Medical District, the Center for Cancer & Blood Disorders is surrounded by medical facilities, including Texas Health Harris Methodist Hospital (726 beds), John Peter Smith Hospital (537 beds), Cook Children’s Medical Center (300 beds), Baylor All Saints Medical Center (525 beds) and Baylor Surgical Hospital of Fort Worth (34 beds). The 53,960-square-foot, single-tenant property was built in 2004 and offers easy access to Interstates 30 and 35W. The asset is part of thriving Southside Fort Worth and Magnolia Green, a mixed-use development. There are around 250,000 people living within a five-mile radius and more than 20 percent of the population is over the age of 50. The lease expires in March 2025.
Baylor Health Center at Magnolia Greens is adjacent to The Center for Cancer & Blood Disorders. The 48,557-square-foot medical office built in 2006 is fully leased to four tenants and its anchor is Baylor Scott & White Health.
Located at 351 Cypress Creek Road, Cedar Park Medical Center is fully leased to seven tenants with an average remaining lease term of more than eight years. Cedar Park Surgery Center anchors the 35,169-square-foot property, with a lease expiring in 2028. The facility is in an area with a population of 185,000 within a five-mile radius.
The HFF investment sales team included Managing Directors Evan Kovac and Todd Savage, Senior Director Kelsey Roop, Director Andrew Milne and Senior Associate Trent Jemmett. HFF’s national medical office building team comprising Managing Director Phil Mahler, Senior Director Ben Appel, Director Anthony Frogameni and Analyst Wesley Hightower Efforts supported the team. Senior Managing Director Kevin MacKenzie and Senior Director John Chun provided debt and equity placement guidance. HFF acted by and through Holliday GP Corp, a Texas licensed real estate broker.
“The portfolio represented the rare opportunity to acquire institutional-quality core medical office buildings leased long-term to several of the most highly respected tenants in the industry,” said Kovac in prepared remarks.
HFF also recently closed the sale of and secured acquisition financing for a 251,143-square-foot office asset in Austin, located 15 miles south of Cedar Park Surgery Center.
Images courtesy of The Center for Cancer & Blood Disorders
Read Online at: https://www.cpexecutive.com/post/hff-closes-mob-portfolio-sale/