2GR Equity acquires building from Tenent Healthcare
Real estate investment firm 2GR Equity LLC of Grapevine has acquired a 43,950-square-foot medical office building on the campus of Doctor’s Hospital in Dallas.
Professional Building One, located at 1151 N. Buckner Blvd., was acquired from Tenent Healthcare Corp., which leases the land on which it sits.
In March 2015, Tenant Healthcare and Baylor Scott & White formed a joint venture. As a result of this new partnership, Doctor’s Hospital at White Rock Lake will be majority owned by Baylor Scott & White and re-branded as a Baylor Scott & White Campus.
“We view the merger and re-branding of this hospital to a Baylor Scott & White facility as a positive for the entire area and for our building. As the largest not-for-profit health care provider in the state, we know Baylor Scott & White will bring even more credibility to this hospital campus and help us retain current and attract new physicians to the property,” said David Gregory, one of 2GR Equity LLC’s principals.
Extensive interior renovations planned at the building, which has shared parking and walking access to the hospital, will exceed $350,000 and will include an update of all common area flooring, wall coverings, paint, light fixtures and drop ceiling as well as a complete rehab of all common restrooms.
The building, currently 76 percent leased, will be marketed and leased by Ryan Dale, vice president of health care brokerage at Jones Lang LaSalle. Dallas-based Caddo Real Estate Services will handle property management.
This is the 19th transaction closed by 2GR Equity since its formation in March 2011. The firm has now provided joint venture equity on commercial real estate transactions representing $180 million in total capitalization through investments in multifamily, retail, industrial, hospitality, land, seniors housing and medical office.