CBRE helped secure permanent financing for an 11-asset, medical outpatient portfolio concentrated in the Dallas and Houston MSAs. The portfolio totaled 258,000 square feet and was approximately 81% leased at closing.
Zack Holderman and Jesse Greshin of the CBRE U.S. Healthcare Capital Markets’ Debt & Structured Finance team, alongside its partners Chris Bodnar, Brannan Knott, Mindy Berman and Cole Reethof, acted as the exclusive advisors to the sponsor and existing owner, Pinecroft Realty.
The diverse, multi-tenant portfolio includes 37 tenants with a variety of healthcare companies and specialties, including credit tenants such as St. Luke’s Health System (Fitch: A+) and Texas Children’s Hospital (S&P: AA), as well as several established and well-known regional physician groups and local practices. The portfolio represents strong, in-place cash flows with additional upside achievable through lease-up and mark-to-market opportunities.
All 11 assets are located in either the Dallas or Houston MSAs, two of the fastest growing cities in the country. Houston and Dallas host almost 10% of the Fortune 500 company headquarters, including McKesson AT&T, ExxonMobil, Southwest Airlines, HP Enterprise and more. Houston is home to the Texas Medical Center (TMC), the largest medical complex in the world, spanning over 1,300 acres and 60 member institutions, attracting new investment and millions of patients annually.
