News Release: Ridgeline Capital Partners and Harrison Street Acquire Medical Office Building in Irving, TX

FOR IMMEDIATE RELEASE

Dallas, Texas – Ridgeline Capital Partners (“Ridgeline”), an owner of healthcare real estate, is pleased to announce that the firm has closed on the purchase of a 70,000 square-foot, three-story Class-A medical office building in Irving, TX in a joint venture with Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets.  The joint venture plans to lease the building to additional medical tenants.

The property is located at 6121 N State Highway 161 in Irving, TX.  The building was constructed in 2019 on a 4.1-acre site in a high-visibility hard corner location that is adjacent to another medical office building housing primary care physicians.  The site is in close proximity to Medical City Las Colinas hospital. The building is 82% leased by five medical tenants including its anchor tenant UT Southwestern Medical Center leasing 53% of the building, and an ambulatory surgery center that will take occupancy in early spring 2021.  “This is a medical campus with best-in-class tenants that provide a wide range of services for patients in one convenient location,” said Jeff Axley, Managing Principal, Ridgeline.

“The building was attractive to us due to its Aaa credit-rated anchor tenant UT Southwestern Medical Center, Ambulatory Surgery Center, and strategic location adjacent to Healthcare Associates of Texas which provide additional primary care patient referrals to our tenants.  The building has great accessibility and high-traffic visibility with large, flexible floorplates that can accommodate a variety of uses.”  Ridgeline has re-branded the building as the Gateway Medical Center, due to its location at the hard corner of SH 161 and Gateway Drive, with plans to market the remaining available 11,500 square feet to additional medical tenants.

The seller represented itself in the transaction and the buyer was not represented.

About Ridgeline Capital Partners

Ridgeline Capital Partners is a private investor focused on healthcare real estate. Ridgeline acquires and operates medical office buildings, ASCs, and behavioral health facilities in Texas and the Southeast.  Ridgeline’s investors include institutional investors, family offices, and accredited investors.  For more information, please visit www.ridgelinecp.com.

About Harrison Street

Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 170-employees and approximately $27.3 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last six consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.

 

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