Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of Bedford Medical Plaza in Bedford, Texas, an affluent suburb in the Dallas Fort Worth Metroplex.
The property, which offers just over 25,000 square feet of space, is 100% leased. Texas Health Resources is the building’s anchor tenant, occupying approximately 80% of the space. Dallas Pulmonary and Critical Care occupies the remaining rentable space.
“Bedford Medical Plaza is a beautiful new building with a great location in a very attractive submarket,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical. “We are very pleased to be chosen as the buyer for this property.”
The Bedford acquisition is part of a larger portfolio of medical office properties in the Dallas area that Montecito is in the process of acquiring. In October, Montecito acquired medical buildings in Rockwall, Mansfield and Arlington as part of the portfolio. The company will announce additional portfolio transactions as they are finalized. Texas Health Resources is a not-for-profit health system that delivers care to more patients in North Texas than any other provider. The system offers more than 350 points of access across the region, including 29 hospitals and over 100 outpatient facilities, surgery centers, imaging centers, behavioral health facilities and fitness centers. At the Bedford location, the health system offers cardiology and imaging services.
Dallas Pulmonary and Critical Care is a medical group with approximately 60 providers specializing in pulmonary disease, critical care and internal medicine.
Bedford is an affluent community of roughly 50,000 people in the Dallas/Fort Worth Metroplex, north of Arlington and near DFW International Airport. Bedford Medical Plaza is conveniently situated adjacent to several large residential neighborhoods and one-half mile south of Texas Health Harris Methodist Hurst-Euless-Bedford Hospital.
The Bedford acquisition continues the rapid expansion of Montecito’s footprint in Texas. In the past year the company has acquired medical office properties in Arlington, San Antonio, Austin, The Woodlands, Corpus Christi, Tyler, Texarkana, Katy, Rockwall, Denton and Sunnyvale.
“As Texas medical markets experience dramatic growth, we are working to make the most of our opportunities both in the state and in the Dallas/Fort Worth Metroplex in particular,” said Chip Conk, CEO of Montecito Medical, “and we are excited that so many owners of medical office properties are partnering with us to make the most of their real estate.”