Caddis Partners, LLC is Opening the Doors to its Newly Developed Hedgcoxe Health Plaza
Monday, September 21, 2009
PLANO, TX – Caddis Partners is proud to announce the September, 2009 opening of its Hedgcoxe Health Plaza. Hedgcoxe Health Plaza is a 32,109 square foot medical office building located at the southeast corner of Custer Road and Hedgcoxe Road in Plano. The building is currently 90% leased with initial leases including an adult-care clinic specifically designed to treat Medicare patients, an ancillary center, and a well-established group of family practice physicians.
The development broke ground at a 60% pre-leased occupancy and leased up to 90% occupancy with speculative tenants over the past three months. According to Jason Signor, Principal/Partner of Caddis Partners, “The success of this project is directly attributable to the performance of our leasing team and its ability to outperform the pro forma occupancy in today’s economic environment.”
The project experienced a 15% savings on construction through buy-out due to downward pricing pressures on subcontractors from December 2008 – March 2009 and represents a resoundingly successful development given the overall market conditions.
Colonial Bank (now BB&T) provided the construction loan and Dallas based, L&B Realty Advisors, LLP through their L&B Medical Properties Partnership contributed the equity for the project. Hedgcoxe Health Plaza was one of the last construction loans by Colonial Bank prior to the BB&T takeover. Abstract Construction was the general contractor and award-winning architectural firm, Corgan Associates designed the building.
Caddis Partners and Hedgcoxe Health Plaza is sponsoring a Health Fair and Grand Opening at the property scheduled on October 31st, from 10 am to 2 pm.