Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a Texas licensed real estate broker (“HFF”) has been retained by a partnership of physicians and healthcare industry experts collectively known as Walnut Hill Medical Physicians Plaza Holding, LLC (the “Borrower” or “Sponsor”), to present an opportunity for the pre-construction take-out of the Walnut Hill Medical Office Development (the “Property”, “Project” or “Development”), a proposed 120,000 square foot state-of-the-art medical office building in close proximity to one of the most dynamic hospital campuses in the country. The Development boasts a strategic location in the heart of Dallas-approximately 2 blocks north of Texas Health Presbyterian Hospital, an 898-bed acute-care hospital treating some of the most complicated cases in North Texas and recognized in 2007 as a U.S. News and World Report Best Hospital for Digestive Disorders, Neurology, Neurosurgery and Orthopedics specialties. The Borrower previously secured a 10.94-acre land tract in mid-2014 and has plans to construct the first phase (the “Project”) on a 5.96-acre site with future development opportunities directly adjacent to the Property.
Project Description
Location: Dallas, TX
U.S. Hwy 75 / Meadow Road
Buildings: 1
Acres: 5.96
Square Feet: 120,000
# of Floors: Four (4) Floors
Project Timeline
Construction Financing Secured: Feb-15
Construction Commencement: Mar-15
Construction Completion: May-16
The Development already is 68% preleased, with commitments to increase the occupancy rate to 77%, to a strong tenant mix including: Walnut Hill Medical Center (WHMC); North Texas Heart Center (NTHC) and Cardio and Interventional Vascular Associates (CIVA). WHMC has 350 board-certified physicians and more than 200 staff members who occupy a brand-new 100- bed medical office building (MOB) that is less than 1-mile from the Development. WHMC is expanding to the Property as their current facility was originally intended for a cardiology hospital, but was recently accredited by the Joint Commission as a fullservice hospital with a 16-bed intensive-care unit and a 10-bed emergency department providing significant demand for the expansion. Furthermore, of WHMC’s credentialed physicians, at least 35 are cardiologist performing cutting-edge and specialty procedures including heart surgery of former president George W. Bush. NTHC is a medical practice with 15 board-certified cardiologists offering various cardiovascular sub-specialties and the latest preventive, diagnostic, interventional, and rehabilitative services to patients. The CIVA medical group consists of 8 board-certified physicians that are locally and nationally recognized for patient satifaction and the “Best In Cardiology” for innovation, excellence and success in cardiovascular treatments.
The Property will offer state-of-the-art facilities for a surgery center, imaging center, primary care physicians and specialty physicians adequately meeting the growing demand for off-campus MOBs that provide a less expensive servicing alternative to on-campus hospital facilities. The Sponsor anticipates securing construction financing in February 2015 with construction commencing in March 2015 followed by a 14-month construction schedule and delivery for May 2016.
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Investment Contacts
Michael Bennett
Managing Director
mbennett@hfflp.com
312.528.3694
Phil Mahler
Managing Director
pmahler@hfflp.com
312.300.7319
Jack Dudick
Director
jdudick@hfflp.com
312.980.3618
Evan Kovac
Managing Director
ekovac@hfflp.com
858.812.2356
Trey Morsbach
Senior Managing Director
tmorsbach@hfflp.com
469.232.1909
Mike Janus
Analyst
mjanus@hfflp.com
312.528.3677
Financing Contact
Steve Heldenfels
Managing Director
TX License: 0410594
sheldenfels@hfflp.com
469.232.1924
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