FLOWER MOUND, TX—Location and demographics are key factors in a recent disposition of a medical office building. Ridgeline recently sold Prairie View Medical Plaza, a 43,119-square-foot retail-style medical office building located at 4001 Long Prairie Rd., to Caddis.
“When we purchased this property, we believed that the property's location and surrounding demographics would only continue to improve,” said Jeff Axley, Ridgeline managing principal. “The recently opened adjacent mixed-use development The River Walk at Central Park further strengthens the property's location.”
Built in 2013, Prairie View Medical Plaza is a half-mile from Texas Health Presbyterian Hospital Flower Mound and surrounded by dozens of other medical practices. The property is currently 100% occupied with a high-quality mix of 11 leading medical tenants providing uses including family practice, obstetrics/gynecology, dermatology, pediatrics, lab/diagnostics, dental, varicose vein and pharmacy.
“The demographics include high income levels and a dense, growing population of families and retirees,” Axley tells GlobeSt.com. “In a 3-mile radius, the average household income is $129,000 versus the state average of $57,000. The population exceeds 100,000 people; that is projected to grow 14% by 2022.”
Despite a difficult entitlement environment, the property was able to be re-zoned and reached 92% occupancy within 12 months of completion.
Dallas-based Ridgeline is a private real estate investment firm specialized in acquiring and operating healthcare real estate assets. Ridgeline has been active in real estate investment since 2014, focusing on acquiring healthcare facilities in Texas and across the Sun Belt with more than 40,000 square feet of space and occupancies ranging from 50% to 100%.
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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.
