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JV Sets Up $100M Pool for Medical Properties

DALLAS-LaSalle Investment Management and Cambridge Holdings will build upward of 500,000 sf of specialized properties. Dallas-Fort Worth is first out of the chute, but projects are coming to New York, New Jersey and California...for starters.

By Connie Gore | Updated on November 12, 2002

DALLAS-A joint venture, armed with $100 million, will build upward of 500,000 sf of medical-related properties, starting in Dallas-Fort Worth. The key players are LaSalle Investment Management Inc. of Chicago and Cambridge Holdings Inc. of Dallas.

Jean-Claude Saada, Cambridge’s chairman and CEO, tells GlobeSt.com that the JV “is a very competitive partnership arrangement.” The plans are hot topics for discussion, but not the percentage interest or terms, being fueled by a $400-million LaSalle fund for buying and developing medical properties in the US. The LaSalle-Cambridge partnership will bring new product and some acquisitions to Texas, New York, New Jersey and San Diego…for starters.

Medical-related properties have been hot tickets throughout the recession. No longer perceived as a cottage industry, the focus is to break into the suburbs with office buildings, state-of-the-art ambulatory centers and even specialized hospitals with small bed counts. It’s a win-win as patients get services closer to homes and providers corner a market share of the rising dollars from health-care reimbursement tied to an aging population. North Texas’ major health-care systems, Baylor, Tenet, Columbia and Texas Health Resources, have a five-year development pipeline reported to be in excess of $1 billion.

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