Click to view original article from The Real Deal by Maddy Sperling
A Dallas medical building sold to Savlan Capital for $7 million, as the South Florida-based investor adds to its collection of medical offices across the U.S.
The investor announced Thursday that it’s expanding its portfolio with $26 million in acquisitions in Dallas and Richmond, VA. The Dallas property traded at just over $7 million, a media representative told The Real Deal.
Over the past nine months, Savlan has accumulated a $100 million portfolio of 20 medical offices nationwide. Other acquisitions in this venture have included assets in Victoria and Argyle, TX and approximately $15 million of properties are currently under contract.
“These acquisitions align clearly with our investment strategy,” said Chief Executive Officer Zusha Tenenbaum. “They are quality assets housing exceptional tenants in ideal locations.”
The latest properties included in the multi-million-dollar acquisition are 9250 Amberton Parkway in Dallas and two sites on Magellan Parkway in Richmond. The three buildings, totalling 163,484 square feet, were bought from Modiv, a Newport Beach-based REIT. The assets traded at a cap rate of 7.5 percent.
“We remain focused on building our medical office portfolio in that image and are very pleased to add these three large health care operators to our expanding list of national credit tenants,” added Tenenbaum.
The Dallas property is the home of Texas Health Resources, the country’s largest faith-based, non-profit health system and the largest in North Texas in terms of inpatient and outpatient services. Texas Health Physicians Group and hospitals under the banners of Texas Health Presbyterian, Texas Health Arlington Memorial, Texas Health Harris Methodist and Texas Health Huguley all operate under the Texas Health Resources brand.
Fortune magazine ranked Texas Health Resources at number 15 on their Fortune List of the Top 100 Companies to Work For in 2020 and the non-profit rose to #7 in 2021 as the pandemic raged on.
The building is situated just off of Interstate 635, less than 10 miles northeast of downtown Dallas. It anchors Dallas Northpoint Office Park, next to where Texas Health Resources’ billing and IT departments also operate.