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Developers of medical complex sell land to physicians group

 

The Dallas Morning News

By Steve Brown

 

August 18, 2009

Developers of a successful North Dallas medical complex have lined up the sales of two more tracts for new buildings. The Westmount Health Campus at North Central Expressway and Forest Lane already has a new hospital, and other construction is planned.

 

Westmount Realty Capital just sold an almost 7-acre tract on the east side of North Central to Forest Park Realty Partners III, a group of physicians and investors. The same buyers also optioned 3.8 acres of adjoining land.

 

"We are very pleased to have a transaction like this at a time when not much is selling," Westmount president Cliff Booth said Monday. "Medically oriented development remains one of the most active sectors in real estate."

Westmount bought the 27-acre property – formerly the site of the Gemini Drive-in Theater – at the end of 2006.

 

Construction was finished this year on a 66,000-square-foot specialty hospital on the property called Forest Park Medical Center. And the hospital owners have bought another 10 acres north of the hospital for a larger second phase.

 

The group's latest purchase from Westmount is south of the hospital. Terms of the transaction were not disclosed.

 

"The hospital has been a tremendous success," Booth said. "The fact we had one of the largest contiguous tracts of land on Central south of LBJ Freeway has turned out to be a good thing."

 

Westmount has about 7.5 acres of land that it will sell to retailers or keep for other uses, he said.

 


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