Wednesday, July 13, 2005

Downtown Dallas & Uptown Real Estate News

Downtown Dallas & Uptown Real Estate News

Building redo to provide medical offices
By: Jennifer Gordon

DALLAS (DallasBusinessJournal.com) - Trophy Healthcare Realty L.P. and the Sports Medicine Clinic of North Texas, an orthopedic surgery practice, have banded together to buy a building at 1015 N. Carroll Ave. in Dallas, near the Baylor University Medical Center Campus.

Trophy bought the two-story, 23,0000-square-foot building on nearly 3 acres in January for an undisclosed price, and is gutting the building's interior. Allan Brown, managing partner of Trophy, a Dallas-based health care real estate company, estimated it will cost $4 million to get the property ready for move-in by the end of August.

The building formerly was Scofield Memorial Church and most recently housed an electricians' training center, Brown said.

A physical therapist is expected to rent space on the first floor, and other related specialties likely will lease space on the lower level, Brown said.

Practice to expand
The orthopedic surgery practice is a 20% owner in the building and will be leasing the entire second floor, said Dr. Don Buford, with the practice. The practice will have an extra 2,000 square feet of space compared with its current offices.

The move became necessary when Baylor failed to renew the practice's lease in the Tom Landry Building because Baylor was planning to put a day spa in that space, Buford said. "We saw it as an opportunity to expand and upgrade our services."

Buford said the space will be used to accommodate two new orthopedic surgeons who are joining the group, as well as to enable the practice to add an MRI machine and convert to all-digital radiology.

The practice has 18 employees, not including the surgeons, and likely will add another person or two soon, Buford said.

While they were looking around, the partners spoke with Trophy officials and decided this was a "neat project," Buford said. "We gave them a tight schedule to meet, and they've been ahead of schedule."