Keller (Texas) Medical Plaza
Proceeds from the sale of three Texas medical office buildings and a Colorado surgical hospital and MOB will be redeployed into other developments and acquisitions, company says
River Gate Medical Center in Durango, Colo.
DALLAS, April 8, 2015 – Leading national healthcare real estate investment, development and management company Caddis has sold its Southwest medical office building (MOB) portfolio to Griffin-American Healthcare REIT III Inc. The portfolio, totaling 182,528 square feet, includes two MOBs located in Houston, Texas suburbs, one MOB in a Dallas/Fort suburb and a hospital/MOB complex in Durango, Colo.
“With demand for medical office buildings at an all-time high, we felt this was an opportune time to sell these assets and redeploy that capital into other MOB and senior housing development and acquisition opportunities,” says Jason Signor, Caddis CEO and Partner.
Matt Mattox, Caddis Executive Vice President and Partner, added: “Consistent with all Caddis investment and development projects, these properties are institutional-quality assets occupied by market-leading healthcare systems and physician practices in their respective geographies.”
The properties include:
Winding Way Medical Plaza
This two-story, 27,405 square foot building, which was built in 2008, is located in the affluent Houston suburb of Friendswood. It is 92 percent occupied. Memorial Hermann is the anchor tenant, designating the building as a “convenient care center” with a variety of outpatient services including imaging, urgent care and physician offices.
South Texas Medical Clinic
This two-story, 55,000 square foot MOB, which is located in the Houston suburb of Wharton, is 100 percent leased to Memorial Hermann Medical Group. Specialties and services in the building include family practice, internal medicine, obstetrics/gynecology, neurology, radiology and a lab and pharmacy. It was built in 1987.
Keller Medical Plaza
This 31,070 square foot, retail-style building, which was completed in 2011, is located in the affluent Dallas/Fort Worth community of Keller. It is 94 percent leased, primarily to Texas Health Resources (THR) and THR affiliates, including anchor primary care and sports medicine tenants.
RiverGate Medical Center
This healthcare complex consists of the 30,505 square foot Animas surgical Hospital, a physician-owned hospital sponsored by Chicago-based Surgery Partners, and the attached 38,548 square foot RiverGate Medical Office Building. The hospital is 100 percent leased and the attached MOB is 95 percent leased. Both buildings were built in 2004. The center is located in Durango, Colorado in the southwest corner of the state.
“Griffin-American Healthcare REIT III is seeking attractive, performing healthcare real estate assets to add to its rapidly growing portfolio,” says Danny Prosky, President and Chief Operating Officer of Griffin-American Healthcare REIT III. “The medical office buildings and surgical hospital acquired from Caddis offer a combination of high and stable occupancy, favorable geographic locations in markets with growing demand for healthcare services, and strong affiliations with major healthcare systems. We believe this was an exceptional acquisition for the company and its stockholders.”
Barrett Freeman, Caddis Director of Acquisitions, said that Caddis will continue to provide property management services for the five buildings. “By continuing to manage these properties, we can provide tenants with a seamless transition while continuing to maintain and grow our property management platform,” said Mr. Freeman.
Lee Asher and Chris Bodnar of the CBRE U.S. Healthcare Capital Markets Group served as the seller’s exclusive advisor.
About Caddis
Caddis Partners LLC, is a Dallas‐based 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, acquisitions, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired 2 million square feet of medical assets valued at over $500 million. For more information about Caddis, please visit www.caddis.com.
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