FOR IMMEDIATE RELEASE
This is the 27th property purchased by the firm’s inaugural medical office acquisition fund, which is expected to be fully deployed early in the fourth quarter of 2020
Gateway Medical Plaza II in Murfreesboro, Tenn. houses a strong mix of healthcare specialties and services and is located across from the 286-bed St. Thomas Rutherford Hospital.
MURFREESBORO, Tenn., and DALLAS, Aug. 12, 2020 – Caddis® has acquired the 44,201-square-foot, Class A Gateway Medical Plaza II in Murfreesboro, near Nashville.
The acquisition, which closed Aug. 6, marks the 27th property purchased by the firm’s inaugural medical office building (MOB) acquisition fund, which launched two and a half years ago.
“We launched Caddis Acquisition Fund I LP in late 2017 as part of Caddis’ overall strategy of focusing on long-term ownership and capitalizing on the many opportunities available in the strong medical office market,” explains Lance M. Hardenburg, Managing Partner and CEO of the national healthcare real estate firm, which is headquartered in Dallas.
He continues, “We have been very pleased with these high-quality MOB assets, which total more than 1.1 million square feet. We expect the fund will be fully deployed early in the fourth quarter of this year and, based on the pipeline, will be comprised of 30 MOB assets. This timing lines up well as we begin fundraising efforts for our next MOB acquisition fund around the same time.”
Zee Jennings, Caddis Senior Manager, Investor Relations, said Gateway Medical Plaza II has many positive attributes.
“The MOB houses strong local physician practices that offer a wide variety of healthcare services and specialties,” says Mr. Jennings. “It’s also conveniently located across the street from the St. Thomas Rutherford Hospital. Both the hospital and the local population are growing rapidly and thriving.”
Located at 1747 Medical Center Parkway, the MOB is 89 percent leased by a number of healthcare specialties, including pediatrics, pathology, ophthalmology, endodontics, urology, and pediatric and adult dentistry practices. The 286-bed St. Thomas Rutherford Hospital, which was built in 2010, is currently undergoing a 60,000-square-foot expansion, which will include 72 additional patient rooms and four new operating rooms. The renovation is expected to be completed this year.
The acquisition of Gateway Medical Plaza II was sourced through the Nashville office of Orlando, Fla.-based Foundry Commercial. Caddis Management Company will oversee the management of the property, with a limited amount of space available, interested healthcare providers are encouraged to contact Olga Teseniar at olga@caddis.com or Jason Hinkel at jhinkel@caddis.com.
About Caddis
Caddis® is a national real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis™ has developed or acquired nearly 5 million square feet of medical assets valued in excess of $1 billion. In its annual Construction and Design Survey, Modern Healthcare magazine recognized Caddis as the 10th largest healthcare development company in the United States. For more information about Caddis, please visit www.Caddis.com.
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News Media Contact: Stacey J. Robinson, Caddis, 469-547-5421, stacey@caddis.com
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