Physicians JV Sells Office Building in Arlington
- Nov 25, 2016
Arlington, Texas—A joint venture partnership of six doctors has recently sold a 15,110-square-foot medical office building in central Arlington. The buyer is TKEN Holdings, a company that operates a pain management practice, which plans to use the majority of the space and lease the balance. Locally based Coldwell Banker Commercial Advisors DFW represented the seller, North Davis Joint Venture, and DFW iRealty negotiated on behalf of the buyer. The price of the acquisition was not disclosed.
Located at 950 North Davis St. on a 1-acre site, the building housed the doctors’ practices since its completion in 1985. The property is strategically positioned within a medical office corridor and neighbors several surgery clinics. Texas Health Arlington Memorial Hospital is less than half a mile from the building and Interstate 30 is just a three-minute drive away. The asset is approximately 12 miles from Fort Worth and 20 miles from downtown Dallas.
A physician with roughly two years left of his lease currently occupies 12 percent of the single-story building. The asset features 30 examination rooms, 13 private offices, two conference rooms, 16 bathrooms, a lab, two kitchens and storage space. There are 92 parking spaces, of which 37 are covered.
“It’s one of the few office buildings of that type that has covered parking. To the sellers’ credit, their build-to-suit design has really withstood the test of time and showed foresight with the parking, which really helped to sell it,” said Shane Benner, an associate with Coldwell Banker Commercial Advisors DFW, in prepared remarks.
The property was on the market for about one year as a for-sale or lease opportunity. TKEN Holdings first considered leasing, but then opted for an acquisition and closed the deal after three months of negotiations.
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