For Immediate Release
Ventas acquires facility in Plano, TX fully leased to Eating Recovery Center
PLANO, TX., December 3, 2021 – Cushman & Wakefield announced the firm has advised Cawley Partners in the disposition sale of a 101,608-square-foot healthcare facility in Plano (Dallas), Texas. The property is fully leased to Denver-based Eating Recovery Center (“ERC”), the internationally recognized leader for eating disorder treatment. The tenant utilizes the facility for both inpatient and outpatient uses.
Located at 5120 Legacy Dr, the three-story building was originally developed in 2016 as a speculative office project by VanTrust Real Estate. Cawley Partners aquired the property vacant in 2018 and quickly secured a lease with ERC. The lease provided ERC with a phased occupancy structure to allow the tenant time to ramp up operations. Soon after opening the intiail phase it became clear ERC would need the entire building sooner than anticipated to satisfy the strong demand for services in the market. The tenant triggered their expansion option early and are now in possession of 100% of the building.
The new owner is Ventas, one of the world’s foremost Real Estate Investment Trusts that invests in senior living communities, life science, research & innovation properties, medical office & outpatient facilities and other healthcare real estate. Ventas paid $58 million for the property in what was a highly competive bidding environment. The acquisition is unique in that this will be Ventas’s first investment in an inpatient behavioral health facility.
Travis Ives and Gino Lollio of Cushman & Wakefield’s US Healthcare Capital Markets Team in collaboration with other members of the firm’s Healthcare Advisory Group represented Cawley Partners in the sale.
“Ventas is one of the largest and most respected ownerships of healthcare real estate in the world,” said Travis Ives, Managing Director. “Historically behavioral health facilities have been considered somewhat of a “niche” asset within healthcare real estate, but this transaction may be a watershed moment for the industry as others take notice of Ventas’s entry into the space.”
Gino Lollio added, “In a healthcare real estate market where yields continue to compress, experienced investors are starting to look outside of the typical MOB box towards emerging micro-niches to secure optimal returns with comparable low-risk and strong operational performance.”
Plano, Texas is located approximately 20 miles north of downtown Dallas and is part of the Dallas-Fort Worth metropolitan area. Plano is home to several Fortune 1,000 companies and over 10,000 businesses, and enjoys a reputation as one of the most desirable cities in which to live and work.
Cushman & Wakefield’s Healthcare Capital Markets Team comprising Travis Ives, in San Diego, and Gino Lollio, in Chicago have closed in excess of $1.6 billion in transactions. The duo have a combined 32+ years of experience in healthcare real estate.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
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