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The five-year-old Coit Medical Center in Dallas has been purchased by Mohr Capital, according to NGKF Capital Markets, which represented the seller Passco Seneca Coit LLC in the transaction.
The two-story, 33,000-square-foot, Class A medical office building comes with underground parking and is ideally located two blocks from Medical City Hospital, one of the largest hospitals in Texas. Legacy Heart Care and Greater Dallas Orthopaedics are its current tenants.
“Coit Medical Center’s proximity to several Dallas hospitals, including Medical City, was perceived as a tremendous advantage by the investment community,” said NGKF Capital Markets Managing Director Evan Kovac, an Orange County, Calif.-based medical office expert who partnered with NGKF’s Dallas office in negotiating the sale. “We registered more than 100 prospective purchasers and through the marketing process Mohr Capital emerged as the most qualified bidder.
“Our team had the pleasure of representing Passco Companies Development in this disposition assignment. Passco’s remarkable experience, reputation and professionalism throughout the industry proved extremely valuable in our success and overall execution,” he said. “The healthcare investment market is extremely robust. New sources of equity allocated for the space are entering the market almost daily.”
Scott Henry, Gary Ham and Austin Ames served as in-house representatives for Mohr Capital in the acquisition. Frost Bank financed the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
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