Investment Highlights
• Campus Adjacent, High Identity & State of the Art Medical Office Building
• High Profile & Synergistic Tenant Composition
• Extremely Rare True Value Add Medical Office Opportunity
• Incredible owner/user purchase opportunity with ability to occupy an entire floor
• Best in Class Facility Constructed in 2009
• Strategic North Dallas location with Excellent Freeway Visibility and Close Proximity to 8 Area Hospitals
• Favorable Healthcare Expenditures and Superior Demographics within the Immediate Area
The Opportunity
Newmark Grubb Knight Frank, as Owner’s Exclusive Agent, is pleased to offer for sale the fee simple interest in Coit Medical Center, located in Dallas, TX (the “Property”). The Property represents a truly rare opportunity to acquire an institutional quality value add medical office building located in a top tier US market. The Property is strategically located in near proximity to several area medical centers and minutes from Medical City Hospital and Texas Presbyterian Medical Center, two of the largest and most recognized hospitals in Texas.
Coit Medical Center, constructed in 2009, represents a best in class medical office building, consisting of 32,611 square feet. The multi-tenant Property offers ample surface parking, in addition to a secured subterranean parking garage with immediate elevator access to the building, a rare and very important feature for both providers and patients alike. The Property is currently 34% leased by two prominent tenants – Greater Dallas Orthopaedics and Legacy Heart Care. Both tenants consider this site critical to their long term healthcare delivery plans. The Property offers tremendous opportunity for an investor or owner user group to create immediate value through leasing the balance of the available space. The quality of the asset, high profile in place tenants, immediate proximity to several major area medical centers, affluent surrounding demographics and increased healthcare leasing velocity create a seemingly clear path to stabilization in the near future.
The Property is located within a major medical hub and within close proximity to Medical City Hospital (HCA Health System), Medical City Children’s Hospital, Green Oaks Hospital, Forest Park Medical Center, Texas Health Presbyterian Hospital Dallas, Kindred Hospital of Dallas, Eye Institute of Texas and Reliant Rehabilitation Hospital. Collectively, Medical City Hospital and Texas Health Presbyterian encompass 1,297 patient beds. The subject property benefits from the phenomenal location within this medical corridor and the highly affluent patient payer mix in the immediate area.
The medical office building capital markets environment continues to outperform other commercial real estate asset classes, driven primarily by a tremendous amount of capital seeking quality opportunities within this space. Strong investor demand for quality medical office properties is being fueled by proven resiliency over the past several years, favorable long term demographic trends driven by the baby boomer generation and a sentiment that healthcare reform will substantially increase demand for quality medical office space. Coit Medical Center encompasses all of the attributes of an institutional quality medical office opportunity.
EVAN A. KOVAC (949) 608-2061 ekovac@ngkf.com
CLINTON J. PARKER (210) 828-5050 cparker@ngkf.com
TIM J. LEBER (949) 608-2012 tleber@ngkf.com
JOE AYCOCK (210) 804-4844 jaycock@ngkf.com
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