The South Florida Real Estate Investment Group Purchased Three Buildings in Dallas and Richmond and Has Amassed a $100 Million Medical Office Portfolio In Just Nine Months
HOLLYWOOD, FL, February 15, 2022 — Savlan Capital has purchased three medical office buildings in Dallas, TX and Richmond, VA. The acquisitions, valued at $26 million in total, are the latest in a nine-month flurry of trades that has pushed the value of the company’s medical office portfolio to $100 million.
The Hollywood, FL-based investment group acquired 9250 Amberton Parkway in Dallas for $7.04 million as well as 8575 and 8580 Magellan Parkway in Richmond for $8.76 million and $10.2 million respectively. The assets traded at a cap rate of 7.5%.
The three buildings, totaling ±163,484 square feet, were sold by Newport Beach, CA-based Modiv. The Institutional Property Advisors team of Joe Massa, Anthony Lunceford, Thomas Fakharzadeh, and Michael Grenaway represented Modiv in the transaction.
9250 Amberton Parkway is a ±38,794-square-foot single-story medical office building housing Texas Health Resources. Texas Health Resources is one of the largest faith-based, non-profit health systems in the United States and the largest in North Texas in terms of inpatient and outpatient services.
The building was constructed in 1978 and renovated in 2006. The asset is located in Northpoint Office Park and houses Texas Health Resources’ billing and IT services department. 9250 Amberton Parkway sits just off of Interstate 635 and is located less than 10 miles northeast of Dallas’ central business district.
8575 Magellan Parkway is a ±51,800-square-foot flex building constructed in 2004 and currently leased to Williamson Drug Co., a wholly-owned subsidiary of Omnicare, a CVS Health Company. The facility serves as a pharmacy distribution, medicine storage, laboratory, and prescription fulfillment center for other Omnicare locations across the region.
8580 Magellan Parkway is a ±72,890-square-foot office building constructed in 2001. The building is occupied by Bon Secours Mercy Health and houses the company’s back-office IT and data center operations.
8575 and 8580 Magellan Parkway are located in Windsor Business Park, a ±62-acre office and industrial development that is home to other high profile tenants such as SimplexGrinnel and Dominion Energy. The park’s location off East Parham Road and less than eight miles from downtown Richmond offers easy access to Interstate 95, Interstate 295, and U.S Route 301.
“These acquisitions align clearly with our investment strategy,” said Chief Executive Officer Zusha Tenenbaum. “They are quality assets housing exceptional tenants in ideal locations.”
“We remain focused on building our NNN medical office portfolio in that image and are very pleased to add these three large health care operators to our expanding list of national credit tenants,” added Tenenbaum.
The recent acquisitions mark the continued expansion of Savlan Capital’s medical office portfolio. The company has purchased 20 medical office assets since May 2021 in transactions valued at approximately $100 million. Savlan Capital currently has five more medical office buildings valued at approximately $15 million under contract.
About Savlan Capital
Savlan Capital is a fully integrated real estate investment company with over 20 years of extensive real estate investment management, acquisition, property management, development, and redevelopment expertise. Headquartered in Hollywood, Florida, Savlan Capital has a proven track record of successful investing in sustainable multifamily, office, industrial, medical office, and business parks in markets exhibiting diversified economies and strong population growth throughout the United States. For more information, please visit www.savlancapital.com.