Healthcare Realty Trust Buys Dallas-Area MOB

The former owners of the property, a joint venture of Heady Investments and Gulf Corp., acquired the Plano site in early 2016.
Plano Medical Pavilion

Healthcare Realty Trust Inc. added the recently completed Plano Medical Pavilion in Plano, Texas, to its Dallas portfolio, which now exceeds 2.4 million square feet. The company paid Gulf Corp. more than $20 million for the 49,000-square-foot building, which was almost 50 percent leased to Baylor Scott & White Health as well as United Surgical Partners International.

The three-story property is located at 4825 Alliance Blvd., adjacent to Baylor Scott & White Medical Center. Gulf Corp. acquired the building site in 2016 in a joint venture with Heady Investments and completed it last year according to Yardi Matrix data. In addition to the facility, the site also includes a 53,000-square-foot parking garage.

Evan Kovac, Andrew Milne, Ben Appel, Brian Bacharach and Matt DiCesare of JLL Capital Markets in Seattle arranged the sale. The acquisition comes only a few days after Healthcare Realty paid $21.6 million for Durant Medical Center in Raleigh, N.C.