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Medical Office Receives Upgrades to Boost Tenants and Sell

FORT WORTH—The asset was well located with potential for growth, and the transaction generated strong risk-adjusted returns to investors, allowing Ridgeline to recycle capital into value-add opportunities.

By Lisa Brown | Updated on October 25, 2016
MOB 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.

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