The Nashville-based company currently is investigating more than 65 Texas properties for prospective purchases, Phil Suiter, founder and executive vice president, tells GlobeSt.com. The company recently had received a commitment of up to $100 million of equity from New York-based Reckson Strategic Venture Partners LLC. The money is to be leveraged for the acquisition and development of more than $500 million in properties nationwide.

Medical Properties' strategy is to pump $40 million in Houston acquisitions; $20 million to $25 million in San Antonio; $15 million in Dallas; $10 million in El Paso; and $5 million to $10 million in Austin. Medical Properties' final goal is to own approximately 30 properties in Texas.

In all, 10 Houston properties will be bought. The most recent Houston-area buy is the 21,000-sf West Pearland Professional Center, completed in December. Seller 518 Investments JV, a Houston-based development group, was represented by CB Richard Ellis in the deal. Also coming down in recent days is the purchase of San Antonio's Stone Oak Physician's Plaza, a 65,652-sf, two-building medical office complex. APCAR Investment Partners III Ltd. sold the property, using Live Oak Capital Ltd. in the negotiations.

"There continues to be a supply imbalance within the Texas health-care real estate marketplace," says Wayne Buck, co-founder, president and COO for Medical Properties, "with the number of sellers far exceeding the number of buyers." Buck says the firm's property selection is based on submarket growth, superb locations and a long-term physician tenants. Also key to property choice are diverse populations and areas where there is a high-demand for outpatient services. The buyer targets properties in smaller hospital submarkets, but isn't ruling out acquisitions in the Houston Medical Center or its north-northwest and south submarkets.

Medical Properties is a physician-led company that is chaired by a practicing doctor, says Suiter. "This is a real advantage," he believes, because it has a better understanding of doctors' needs for selecting office space.

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