Modoc Properties LLC has acquired one of six office buildings in The Medical Centre, a niche project situated within walking distance of the 369-bed Texas Health Arlington Memorial Hospital.
The Fort Worth investor has snapped up a 7,156-square foot medical office building divvied into two suites at 911 Magnolia St. in central Arlington. A triple-net lease is in place with a pulmonary group for 5,308 square feet or 74% of the space.
“Modoc Properties has been looking in North Texas for some time. It is a good fit for its portfolio,” says Shane Benner, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, who negotiated the acquisition for his longtime client.
The single-story building was developed in 1984 along with the other five buildings. The Medical Centre Owners Association manages the property.
“It was simply a good deal from Day One. There is an immediate return with minimal management burden,” Benner says. “It’s a home run once the balance of the building is leased.”
David Dunn of SVN|Dunn Commercial Real Estate represented the seller PCT Leasing & Service Co. Worthington National Bank financed the acquisition.