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Big Sky Medical buys medical portfolio across four states
Properties are spread across Texas, Maryland, California and Louisiana
Big Sky Medical recently purchased 10 healthcare facilities spread across Texas, Maryland, California and Louisiana.
The properties span over 857,000 square feet, and most are situated within medical centers.
The portfolio includes the following properties:
- Pyramids North, 9201 North Central Expressway, Dallas
- Pyramids South, 9101 North Central Expressway, Dallas
- Providence Park, 2501 Earl Rudder Freeway, College Station
- Greenpark MOB, 7515 Main Street, Houston
- Texas A&M Health Science Center, 8441 Highway 47 West, College Station
- Peak Surgical Center, 610 North Coit Road, Richardson
- Valley Ortho & River Surgical Institute, 609 East Orangeburg Avenue, Modesto, California
- Peninsula Orthopedic Associates, 1675 Woodbrooke Drive, Salisbury, Maryland
- Tidal Health Cardiology, 400 Eastern Shore Drive, Salisbury, Maryland
- Pelican Professional Center, 42388 Pelican Professional Park, Hammond, Louisiana
Collectively the properties are about 87 percent leased and service a wide area in their respective locales. They hold such features as outpatient medical office buildings, ambulatory surgery centers and diagnostic imaging centers.
The Greenpark MOB — or Greenpark One — facility, for example, is situated within the Houston Medical Center neighborhood, the largest hospital center in the world. The Class B building, constructed in 1984, spans nearly 135,000 square feet.
Two other assets in the portfolio, the Class A Pyramid Towers at 9201 and 9101 North Central Expressway in Dallas, were built in 1999. Big Sky acquired the six-story properties last year with financing from Bahrain-based GFH Financial Group. JLL will lease the buildings.
CEO Jason Signor had wanted to purchase the properties since they were built, as they are among the largest medical assets in the Dallas area.
Caddis Healthcare Real Estate for instance is investing $12 million to build a three-story, 60,000-square-foot medical office in the DFW suburb of Frisco.
The Texas A&M Health Science Center was built in 2010. The four-story 124,000 square foot property sits within the nation’s largest university campus.
The main Class A office features over 19,000 square feet of office space and is situated in the One Health Plus Biocorridor, a high-tech research area focused on introducing innovative biotherapeutic and biopharmaceutical technologies to service the surrounding market.
Nearby, Japan-based Fuijifilm is planning a 300,000-square-foot manufacturing facility funded by the $1.5 million Texas Enterprise Fund to help further build the medical arm of the state.
“Medical office real estate remains in high demand by investors due to tenants’ creditworthiness and fundamentals that were less disrupted by the pandemic than the commercial sector,” a 2022 report from JLL reads.