Madison Marquette Sells Dallas-Area MOB

Irving Hospital Authority has acquired Baylor Irving MOB III, in Irving, Texas, according to Dallas County records. Madison Marquette sold the 54,941-square-foot asset, with the assistance of CBRE U.S. Healthcare Capital Markets.

Houston-based PMRG developed the facility, in partnership with GSR Andrade and MYCON General Contractors, as part of the Baylor Scott & White Medical Center.

Completed in 2018, the three-story, Class A building features three passenger elevators, controlled access and a parking ratio of 3.9 spaces per 1,000 square feet. The property was previously subject to a $9.9 million bridge loan in 2022, provided by Simmons Bank, with a maturity date set in January 2024, CommercialEdge data shows.

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The outpatient clinic was 68 percent leased by five tenants at the time of sale. HealthTexas occupies 22 percent of the building, while the remaining occupied space houses Pure Dermatology Associates, Arlington Orthopedic Associates, Touchstone Medical Imaging and Dallas Nephrology Associates.

The 5.2-acre property at 2005 W. Park Drive is adjacent to the 296-bed Baylor Scott & White hospital, next to U.S. Route 183 and less than 13 miles northwest of downtown Dallas. Other medical facilities in the surrounding area include Copper Tree Medical Center, Irving Dental Care, Irving Health and Medical Center and Sanitas Medical Center.

CBRE Vice Chairman and Managing Director Chris Bodnar, Senior Vice President Zack Holderman, Senior Director Trent Jemmett, alongside Vice Presidents Cole Reethof and VP Jesse Greshin, arranged the transaction. The team partnered with First Vice President Michael Dewey, Vice Chairman Russell Ingrum, Senior Vice President Scott Herbold and Senior Associate Matt Murphy with CBRE’s local division.

Dallas-Fort Worth’s MOB market

In the last 12 months, seven other medical office buildings changed hands in the Dallas-Fort Worth market, CommercialEdge data shows. The properties encompass a total of 368,530 square feet.

One of the assets that traded was The Professional Building I in Dallas. Ridgeline Capital Partners acquired the 44,045-square-foot property from 2GR Equity. The four-story building is at the entrance of White Rock Medical Center campus.