Midtown Medical office building is 95% occupied on long-term NNN leases.
FORT WORTH—Built in 2013, the Midtown Medical office building is in the center of the medical district, located at 900 Jerome St., in close proximity to Baylor All Saints Medical Center, Cook Children's Medical Center, Texas Health Harris Methodist Hospital Fort Worth and Plaza Medical Center of Fort Worth. The area is also known as the Near Southside, a vibrant growth district south of downtown. The building is situated within a mixed-use project adjacent to hotels, restaurants and a bank.
Ridgeline Capital Partners, a private investment firm, acquired control of the property from the developer in 2015. Ridgeline made minor improvements to the lobby, common areas and building operations during the past year.
“When Ridgeline went under contract on the purchase in 2015, the building's occupancy rate was 62%. During Ridgeline's ownership, the occupancy increased to 95% on long-term NNN leases,” said Jeff Axley, owner of Ridgeline Capital Partners.
Ridgeline recently sold the 95% occupied, 57,905-square-foot building. The medical office facility was bought by a California-based private investment company for an undisclosed purchase price.
“When we acquired the property, Ridgeline recognized that the asset was very well located with a lot of potential for growth, but was in need of new ownership,” Axley tells GlobeSt.com. “The transaction generated strong risk-adjusted returns to our investors and will allow Ridgeline to recycle our capital into value-add opportunities.”
The buyer was represented by Bowen Cardoza with Cosol Commercial Real Estate and the seller was represented by Jeff Matulis, Toby Scrivner and Grant Wilkins with Stan Johnson Company.
Ridgeline also recently acquired the Magnolia Medical Tower, a 89,991-square-foot medical office building that is 81% occupied. The tower is also located in the medical district adjacent to Baylor All Saints Medical Center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
