Lincoln Property, Virtus Acquire DFW Medical Office Building

Methodist Southlake Medical Office Building. Image courtesy of JLL Capital Markets

Lincoln Property Co., in partnership with Virtus Real Estate Capital, has acquired Methodist Southlake Medical Office Building, an 82,238-square-foot facility in Southlake, Texas. A partnership managed by LandPlan Development sold the Class A asset.

A JLL Capital Markets team, led by Senior Managing Director Brian Bacharach and Director Vasili Davos, represented the seller and procured the buyer.

Designed by GSR Andrade and built by Adolfson & Peterson Construction, the four-story building came online in 2014 on a 2.6-acre lot. A two-story enclosed connector joins the building with the existing Methodist Southlake Hospital. The facility has floorplates ranging between 20,511 and 21,796 square feet and shares 238 parking spaces with the hospital.

The property’s location at 431 E. State Highway 114 offers access to a heavily traveled thoroughfare, with Dallas and Fort Worth less than 28 miles away. Other medical providers in the surrounding area include Greer Dermatology Southlake, North Texas Plastic Surgery, Complete Care Southlake and Spine Team Texas Southlake Surgery Center, among others.

Over a 12-month period ending in June, nine medical office buildings changed hands in the Dallas-Fort Worth market—a total of 585,920 square feet, according to CommercialEdge data. In February, Montecito Medical expanded its Dallas portfolio with a medical facility in Plano, Texas.