ALLEN, Texas, Jan. 14, 2020 — MedCore Partners announced today that it has successfully brokered the sale of Allen Medical Plaza to an institutional buyer for an undisclosed purchase price. Constructed in 2018, the 44,761 square foot multi-tenant on-campus medical office building sits on 3.37 acres and is anchored by a state-of-the-art ambulatory surgery center and Spine Team Texas.
Allen Medical Plaza resides on the campus of Texas Health Presbyterian Hospital Allen at the hard corner of Raintree Circle and West Exchange Parkway. In 2018, Allen Medical Plaza was selected as a “Top Five National Finalist for Best New Healthcare Ground Up Development 25,000 – 49,999 Square Feet” by Healthcare Real Estate Insights. “Collin County has experienced extensive growth year over year and so has the demand for class A, multi-tenant medical office buildings,” says Kyle Libby, Partner at MedCore.
MedCore provided highly specialized development services throughout the planning and the construction of the project. Upon the delivery of the facility, their leasing team subsequently negotiated multiple long-term leases with notable healthcare providers in the market thereby greatly increasing the value of the asset. MedCore was then successful in expeditiously marketing and selling the property ensuring maximum profitability for the seller.