CHICAGO (April 2, 2014) – Chicago-based healthcare real estate investment firm Stage Equity Partners, LLC (“Stage”) has finalized the acquisition of two Class A medical office buildings in the Dallas suburb of Flower Mound, Tex, announced Principals Brian Howard and Russell Brenner. Stage purchased the 34,910 square-foot buildings from a partnership group that includes principals of OrthoTexas, one of the primary tenants, in a partial sale-leaseback transaction. American Momentum Bank provided financing for the project.
The two adjacent buildings, located at 4921 and 4951 Long Prairie Road, are 100% leased by seven leading established medical practices, all complementary and strategic to one another. Texas Health Resources, a leading Texas healthcare system, and Irving, Texas-based USMD, a multi-specialty practice, comprise approximately 40% of the tenant mix. Other primary tenants include OrthoTexas and Flower Mound Vein Center. The property is strategically located less than a half-mile from THR-Flower Mound Hospital, where physician tenants have admission privileges.
This property marks the continued expansion into the Dallas market by Stage, which acquired a medical office building in Cleburne, Tex., just three months ago. According to Mr. Howard, “Texas is a primary market for the growth of our portfolio, with its stable economy, population growth and favorable medical demographic trends.”
Mr. Brenner points out that the buildings are newly constructed, having been developed in 2011 and 2012, with access along Long Prairie Road, Flower Mound’s major retail and medical thoroughfare.
“We believe that the property will provide predictable and robust annual cash flow, along with capital appreciation,” he says. “This is a great example of the kind of property we continue to look for.”
Stage Equity Partners LLC (www.stageequity.com) is a privately held, healthcare real estate investment company headquartered in Chicago (Skokie, Ill). Stage acquires, develops and manages medical office buildings in top markets around the U.S. and targets healthcare opportunities in the range of $5 million to $25 million.
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