DALLAS – In an off-market transaction, Texas Digestive Disease Consultants has acquired one of its leased sites, Elmbrook Medical Plaza, to keep pace with its continually expanding office needs in Greater Dallas.
The 45,000-sf building is situated on 2.12 acres at 8267 Elmbrook Dr. at the edge of the Dallas Medical District. The sale was one of four that was recently closed within a 30-day period by Leigh Richter, executive vice president of Dallas-based Bradford Commercial Real Estate Services.
"TDDC has expanded multiple times since it became a tenant at least seven years ago. It made sense to acquire the building," says Richter, who represented the seller, LoaLoa Partners LP.
Southlake-based TDDC, the largest gastro-intestinal practice in the nation, currently occupies 29,564 sf or 65% on Elmbrook Medical Plaza's first and second floors. There is 4,818 sf of available space that it's planning to fill in the near future. The rest of the project, totaling 9,754 sf, is leased to Nova Health Services.
"TDDC had approached us about another expansion and then asked about purchasing the property," Richter says. "The seller had owned Elmbrook Medical Plaza 12 years. The timing was right."
Completed in 1982, Elmbrook Medical Plaza features a back-up generator, lab space, fiber optic lines and access to several telecom providers. Situated within two blocks of Stemmons Freeway, the property also neighbors several medical facilities, including UT Southwestern Medical Center. Kyle Libby of MedCorePartners represented the buyer of record, TDDC Elmbrook Properties LLC.
Richter also sold ChildCareGroup's 13,801-sf building on nearly one acre at 407 W. 10th
St. in the Bishop Arts District. The child-care operator will relocate its facility in the summer to nearby leased space.
Bradford has represented the nonprofit, which operates six centers, in the metroplex for years. Chartered in 1901 as the Clara Chaison Free Kindergarten and Training School of Dallas, it was the first child-care operator in the region to earn accreditation by the National Association for the Education of Young Children.
Richter and Clint Manning, formerly with Bradford, represented the ChildCareGroup in a direct deal with Bishop Arts LLC. The property will be repurposed for office and creative uses.
Richter's back-to-back sales also included a one-acre development site in Frisco and a 3,200-sf vacant tract at 204 N. Carroll Ave. in Dallas.
Stonebrook Medical Bldg. Partners LP is planning to develop a medical office project on the Frisco site, positioned just east of the intersection of Teel and Stonebrook parkways. Richter represented the seller, Daryablue LLC. The buyer's broker was Sam Owens of OGH Commercial.
The Carroll Avenue site is a hard corner that's been scooped up by Leverage Square 67 LP, which has assembled a large tract of adjacent land for a multifamily/townhouse development. Richter represented the seller, the Carbajal family. The buyer's broker was Peyman Etebari of Plano.
March 12, 2018