MCKINNEY, TX-PM Realty Group has broken ground on McKinney Medical Plaza, a three-building, 21,617-square-foot medical office complex here. The project, located within a five-mile radius of five hospitals, has a price tag of roughly $4 million.

The project is a joint venture between PM Realty, Dallas-based private equity firm Keystone Investments and Stonebridge Pediatrics, a physician group. The group has signed a long-term to lease to occupy the first medical office building, which totals 10,000 square feet, according to Glen Perkins, executive vice president and managing director of PM Realty’s medical office division. The healthcare provider will move into its new space in June.

Perkins tells GlobeSt.com that Stonebridge Pediatrics initially contacted PM Realty and expressed interest in a single-tenant build-to-suit facility. “That’s not something that we usually do,” he notes, adding that data from Invoar Research showed the McKinney submarket could use more medical office space. “This location scores better than 94.55% of the national markets for medical growth and patient affluence. McKinney’s patient base is projected to grow 14.4% with the county expanding at a rate of 21.1%.”