Stan Johnson Closes Sale of Texas Medical Center
- Oct 31, 2016
Fort Worth, Texas—Stan Johnson Co. has recently closed the sale of a multi-tenant medical office building in Fort Worth, Texas. Ridgeline Capital Partners sold the 57,404-square-foot Midtown Medical Office Building to Roque Properties for $19.2 million.
The company represented both the seller and the buyer in the transaction. Toby Scrivner, Jeff Matulis, Grant Wilkins and Colin Cornell of the Healthcare Net Lease Group of Stan Johnson Co. represented the seller. The team received multiple offers and narrowed it down to two potential buyers, a 1031 investor and an institutional buyer. The final price represented a sales cap rate with 75-100 basis points over the market.
“In the end it was a major win for our client. They had purchased the building a year before the sale had occurred and achieved a very high return on their investment,” said Wilkins in a prepared statement.
Built in 2013, the facility is part of a mixed-use development with a hotel and restaurants located on site. The four-story building is situated at 900 Jerome St., at the gateway to the Medical District, home to Tarrant County’s five major hospitals and other independent clinics. Furthermore, the property is adjacent to the Plaza Medical Center and less than a mile from the Texas Health Harris Methodist Hospital and the Baylor All Saints Medical Center at Fort Worth.
Image courtesy of Stan Johnson Co.