Ventas Acquires Medical Office Property in Plano for $58M
Ventas purchases a 101,608 SF medical office property in Plano from Cawley Partners for $58M.
Ventas, a real estate investment trust (REIT) specializing in healthcare properties, has acquired a medical office property in Plano for $58M. The property, located at 5120 Legacy Dr, was sold by Cawley Partners, a Dallas-based commercial real estate firm.
The property spans 101,608 SF and was sold for a price of $571 per square foot. The sale was brokered by Travis Ives and Gino Lollio of Cushman & Wakefield.
The medical office property is located in Plano, a city in the Dallas-Fort Worth metroplex. Plano is known for its strong economy and highly educated workforce, making it an attractive location for healthcare providers.
The property is fully leased to multiple tenants, including a surgery center, imaging center, and primary care clinic. The property’s location near major highways and medical facilities makes it a convenient location for patients and healthcare providers alike.
Ventas, which specializes in healthcare properties, has been actively acquiring medical office properties in recent years. The company’s portfolio includes over 1,200 healthcare properties across the United States, Canada, and the United Kingdom.
Cawley Partners, the seller of the property, is a commercial real estate firm based in Dallas. The firm specializes in office, industrial, and healthcare properties in the Dallas-Fort Worth area.
Travis Ives and Gino Lollio of Cushman & Wakefield represented the seller in the transaction. Cushman & Wakefield is a global commercial real estate firm with over 50,000 employees worldwide.
Overall, the acquisition of this medical office property in Plano is a strategic move for Ventas, as it expands the company’s portfolio of healthcare properties in a highly desirable location. The property’s strong tenant mix and convenient location make it a valuable asset for Ventas.