Newmark Grubb Knight Frank’s Global Healthcare Services Completes Sale of Texas Medical Office Building Portfolio
Newport Beach (August 4, 2015) – The Global Healthcare Services division of Newmark Grubb Knight Frank (NGKF) has completed the $56 million sale of a two-building medical office building portfolio. The Texas portfolio includes the 94,359-square-foot Legacy Medical Village located in Plano, and the 68,832-square-foot Conroe Medical Arts and Surgical Center located in Conroe. Executive Managing Directors Garth Hogan and Todd Perman, along with Senior Managing Director Chris Gordon, represented the seller in the investment sale. The buyer, American Realty Capital, was not represented by a broker.
Legacy Medical Village, built in 2007, is located at 5425 West Spring Creek Parkway. Conroe Medical Arts and Surgical Center, built in 2003, is located at 1501 River Pointe Drive. The two trophy medical office buildings are collectively 93% leased to a synergistic mix of healthcare providers, including specialists and primary care physicians. The Conroe facility includes a state-of-the-art ambulatory surgical center that is owned by Tenet Healthcare. The Legacy Medical Village facility was designed around the future of healthcare, with primary care as the entry point and a mix of specialists located throughout for the continuum of care. Combined with integrated IT and a strategic tenant mix, its model elevates the efficiency of patient care.
“The portfolio’s strategic asset location in proximity to high-growth markets and corporate patient bases, combined with strong economics and stable occupancy, proved to be very attractive to potential buyers,” said Gordon.
“These facilities are the key ingredients that will continue to drive a more synergistic healthcare environment in an ambulatory setting, with the goal of driving better patient outcomes at a lower cost,” added Perman.
The properties, strategically located near leading hospital campuses, are premier locations for medical practices in Collin County and Montgomery County. Legacy Medical Village, situated within the Legacy Business Park, is centrally located between the Children’s Medical Center Plano and the Texas Health Presbyterian Hospital. The Conroe Medical Arts and Surgical Center is adjacent to the recently expanded Conroe Regional Medical Center hospital campus in a rapidly growing northern suburb of Houston.
For more information about Global Healthcare Services, go to www.ngkfglobalhealthcare.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
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