Chicago, IL (June, 2022) – Echo Real Estate Capital, Inc. (“Echo”) announces it has sold an out- patient medical office building anchored by Baylor Scott & White for $6 million dollars.
The property is approximately 15,500 square feet and is located at 7801 Lakeview Parkway in Rowlett, Texas – one mile west of the Baylor Scott & White Lake Pointe Medical Center. The building was 100% occupied at the time of sale by four tenants that include the renowned Baylor Scott & White Texas Cardiac Associates, North Texas ENT, LabCorp, and Dr. Bart A. Deering, DDS.
“Strategically, we have been targeting Texas for quite some time and we were able to acquire this asset off-market in May of last year,” said Echo principal Jon Boyajian. “We loved the proximity to the Baylor Lake Pointe campus and the tenants were all very strong, but they were on short-term leases. Within six months, we had renewed all four tenants and had completed some minor capital improvements that had previously been neglected. Dave Kurtz and our asset management team did a phenomenal job.”
Boyajian commented further, “We had great lending partner in Southside Bank that gave us the flexibility to complete our business plan. This was a textbook value-add deal for Echo, and we were able to monetize the asset well ahead of our projected 4-year hold period. There is still a tremendous appetite for well-located medical office buildings with health system tenancy.”
Echo Real Estate Capital, Inc. (www.echorecap.com) is an acquisition and development firm based in Chicago, Illinois. Echo’s primary focus is healthcare, industrial and retail assets as well as nationwide programmatic build-to-suit development.
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