Dallas-based Cambridge bought the 136,000-sf building on 8 1/2 acres for $7.4 million. The seller was Crown Dixie Associates LP, based in Atlanta.
At 5282 Medical Dr., the building is positioned at the Babcock Road entrance to the Medical Center, which has 12 hospitals, five specialty institutions and 45 medical-facilities such as medical and nursing schools.
Cambridge will pump $1 million over the next two years into improvements to bring the building's facilities up to date. Crown Atrium, built in 1985, has a pyramid-shaped design with a central lobby atrium.
Lee Jackson of Stream Realty Partners, based in Irving, TX, represented Cambridge and Alan Grilliette of Transwestern Commercial Services negotiated for the seller. The building is about 67% occupied.
Cambridge specializes in the development, acquisition, ownership and management of health-care properties. It owns or is developing 1.5 million sf of medical real estate in 11 states.
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