Friday, August 21, 2009

Westmount Health Campus Sells Seven Acres

DALLAS-Locally based Westmount Realty Capital sold 6.9 acres from its 27-acre Westmount Health Campus to physician partners Forest Park Realty Partners III to expand the adjacent 66,100-square-foot Forest Park Medical Center, a doctor-owned hospital. There is no construction launch on the next phase, but it's estimated the parcel could hold up to 150,000 square feet of medical real estate.
Forest Park Medical Center at 11990 North Central Expy. is next door to Medical City Dallas, and minutes away from Presbyterian Hospital. The physician owners broke ground on the $36 million project in early 2008, completed it in March 2009 and, according to Westmount Realty president Cliff Booth, are ready for more.

"This physician's group will be using this tract not only to build more hospital and surgical space, but also medical office space," Booth tells GlobeSt.com. "There are many doctors who are a part of the hospital who want to have offices next to the hospital."

The exact financial details of the acquisition were not available. The quoted ask for the land is $35 per square foot.
When Westmount Realty acquired the initial 27 acres in 2006 for approximately $20 million, Booth says the land was envisioned for medical, multifamily and retail development, "in that order." After working with potential multifamily and retail developers, Booth says, medical development kept coming up.

Meanwhile, Westmount Realty has 7.5 acres remaining, and Booth says activity is strong. "We have nothing to announce, but it's definitely active," he says. "We see a variety of uses on this; medical and others as well."