Caddis Partners Completes Disposition of Two Metroplex Medical Office Buildings to American Realty Capital
June 15, 2012
DALLAS, TEXAS — Caddis Partners, LLC recently completed the sale of two medical office buildings, The Texas Medical Clinic at Arlington in Arlington, Texas and Sunnyvale Medical Plaza in Sunnyvale, Texas located in the Dallas/Fort Worth Metroplex to an affiliate of American Realty Capital Healthcare Trust.
"Both of these assets were high‐quality, well‐positioned properties that we aggressively leased up after completing construction," Jason Signor, CEO of Caddis Partners, LLC, said. "Both buildings have great medical tenancy mixes and we think they are a great fit for the American Realty Capital platform."
Caddis Partners will continue to manage the two properties.
"This is another example of a buyer retaining our management services because we know the operations, we know the building, we know the market and we know the physicians," Signor said. We're able to add value to the assets even after disposition because of our management expertise. We manage 12 medical assets in the Metroplex and it has been a successful platform for us and will continue to be going forward."
The Texas Clinic at Arlington is a three‐story, 66,819 square foot medical office building located in Arlington, Texas, approximately 22 miles southwest of downtown Dallas developed by Caddis Partners in 2010. The Clinic has 17 primary care providers – likely the highest concentration of primary care in any building in the submarket – and 40 physicians in total with a complementary mix of specialists which include orthopedics, podiatry, cardiology, gastroenterology, endocrinology, ENT, physical therapists and plastic surgery. The building also has an on‐site lab, a sleep lab, a conference room and a women's center with diagnostic imaging.
The Clinic is a brand new, premier medical office building featuring first‐rate modern conveniences and an efficient design not typically found in older medical office buildings. The new construction provides the additional benefit of limiting the expected maintenance costs in the near and midterm which will reduce the CAM charges for tenants. The property was also designed with sustainable features such as exterior envelope insulation which exceeds code requirements and use of low‐flow high‐efficiency plumbing fixtures, sun shade devices at majority of perimeter walls, and remote access building management systems.
The Texas Clinic at Arlington is centrally located in the area's "medical district," which includes the 326‐ bed Medical Center of Arlington, the 65‐bed HealthSouth Rehabilitation Hospital, the 34‐bed USMD Hospital, the 24‐bed Baylor Orthopedic and Spine Hospital, four surgery centers and the 120‐bed nursing home Arbrook Plaza. The Clinic provides physicians with an attractive medical office building without use restrictions in an established Medical District.
Sunnyvale Medical Plaza is a two‐story, 48,910 square foot medical office building on the campus of the Texas Regional Medica Center at Sunnyvale. Sunnyvale Medical Plaza was developed by Caddis Partners in 2009 and includes a medical tenancy of physicians with specialties in primary care, urology, OB/GYN, pain management, gastroenterology, podiatry, ENT, and surgeons specializing in cardio, neuro, vascular, and endovascular.
Texas Regional Medical Center at Sunnyvale is a state‐of‐the‐art, 70 bed, physician‐owned hospital built in 2009 comprising 117,000 square feet and the first hospital in the growing Dallas County community of roughly 5,100 people approximately 15 minutes from downtown Dallas.
Caddis Partners, LLC is a Dallas‐based real estate development, management and investment firm focused on health care development. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired nearly one million square feet of medical assets valued over $250 million. In 2011, Caddis was ranked the Sixth Largest North Texas Commercial Developer by the Dallas Business Journal.
American Realty Capital ("ARC") Healthcare Trust, Inc. is a publicly registered, non‐traded real estate investment trust. The company was formed to acquire a diversified portfolio of income‐producing real estate properties. Its goal is to invest in the rapidly growing health care industry through selective real estate acquisitions, targeting medical facilities that address the needs of the health care providers and the patients they serve.
Caddis Partners employed the services of Cain Brothers, an investment banking firm that focuses exclusively on the health care industry, to facilitate the transactions.