Developers of medical complex sell land to physicians group
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.
