Modoc Properties LLC has acquired one of six office buildings in The Medical Centre in Arlington, Texas. Bradford Commercial Real Estate Services/CORFAC International facilitated the sale on behalf of Modoc, with SVN | Dunn Commercial Real Estate representing the seller.
The Fort Worth-based investor has snapped up the 7,156-square-foot medical office building divvied into two suites and located at 911 Magnolia Street in central Arlington. A triple-net lease is in place with a pulmonary group for 5,308 square feet or 74 percent of the space.
Shane Benner, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, negotiated the acquisition for his long-time client, Modoc Properties. David Dunn of SVN|Dunn Commercial Real Estate represented the seller, PCT Leasing & Service Co. Worthington National Bank financed the acquisition.
“Modoc Properties has been looking in North Texas for some time. It is a good fit for its portfolio,” said Benner.
The single-story building, a niche project situated within walking distance of the 369-bed Texas Health Arlington Memorial Hospital, was developed in 1984 along with the other five buildings. The Medical Centre Owners Association manages the property.
“It was simply a good deal from Day One. There is an immediate return with minimal management burden,” Benner said. “It’s a home run once the balance of the building is leased.”
