MedCore Partners to Lease Dallas MOB Portfolio

Baylor Scott & White Plano Pavilion I

Healthcare Realty Trust has appointed MedCore Partners to lease five medical office buildings in metro Dallas. The portfolio encompasses more than 550,000 square feet.

MedCore’s Partner Kyle Libby, Director Michael Collins, alongside Senior Associate Thomas Byers will oversee leasing on behalf of the ownership.

The portfolio consists of the following properties:

• Baylor Scott & White Plano Pavilion I, a 174,316-square-foot Class A building, at 4708 Alliance Blvd. in Plano, Texas. The seven-story property was completed in 2005.
• Baylor Scott & White Plano Pavilion II, a 140,255-square-foot Class A property located at 4716 Alliance Blvd. in Plano. The seven-story property was completed in 2009 and offers 20,000-square-foot floorplates.
• Plano Medical Pavilion, an 86,878-square-foot Class B asset, at 3801 W. 15th St., in Plano. The three-story property was originally completed in 1982 and 1984, but underwent cosmetic renovation in 2001, CommercialEdge data shows.
• Independence Medical Village, a 71,711-square foot Class A building, at 8080 Independence Parkway in Plano. The two-story property was completed in 2014 and offers 35,500-square-foot floorplates.
• Carrollton LTAC, a second-generation, long-term acute care center, located near the Dallas N. Tollway and Parker Road in Carrollton, Texas.

The facilities offer a variety of health-care services, including surgery, urology, oncology, ophthalmology, orthopedics and dermatology, among others, through a diverse tenant roster. Kyle Libby mentioned in prepared remarks that the goal is to increase occupancy by focusing on offering a wider variety of health-care services provided by each medical office building.

Healthcare Realty’s 2022

As of September 2022, Healthcare Realty invested in 728 real estate properties, spread across 35 states, totaling approximately 44.6 million square feet. The company’s largest asset concentration is in Dallas, representing 9.6 percent of its total medical office portfolio, followed by Houston, Los Angeles and Atlanta.

In July, it was announced, as part of its imminent merger with Healthcare Trust of America Inc., that Healthcare Realty Trust was under contract with five counterparties to sell or joint venture a number of 27 properties, totaling $807 million. The company was also planning to sell 10 more other properties under letter-of-intent for $295 million, in order to be able to fund the $1.1 billion dividend as part of the merger deal.