Healthcare: Texas Health to offer physicians real estate investment opportunity
By Sandra Baker
Arlington-based Texas Health Resources is formalizing plans to put a portfolio of 22 medical office buildings at its North Texas hospitals into a real estate partnership and offer investments to physicians, possibly by midyear.
Dallas-based Cambridge Healthcare Properties, a longtime Texas Health development partner, is buying a stake in the portfolio and will serve as general partner, working with investors, said Doug Hawthorne, Texas Health CEO, in a recent letter to tenants in the buildings.
Cambridge and Texas Health’s real estate department will form a company to provide property management, leasing and facility development services, including maintenance, needed improvements and tenant services, the letter said.
Texas Health, which operates the Harris Methodist, Presbyterian and Arlington Memorial hospitals, will retain 60 percent ownership in the portfolio, which totals about 1.6 million square feet, said Brian Holmes, Texas Health’ senior vice president for facilities and real estate.
The move is part of a set of initiatives Texas Health’s board is pursuing to better “engage” its physicians with the company, spokeswoman Reace Alvarenga Smith said.
Selling the buildings has been discussed but was rejected, Holmes said.
“It’s something we have looked at for the past several years,” Holmes said. “It gained momentum in 2010.”
Holmes said his staff is working out some preliminary details regarding participation and how ownership will work. He said he hopes to have that completed by midyear.
Physician tenants, as well as physicians who are active Texas Health staff members but not tenants in the buildings, will be eligible to invest, the letter said.
Cambridge Healthcare partnered with Texas Health to build a 75,000-square-foot medical office building at the Texas Health Harris Methodist hospital being built at Alliance in far north Fort Worth and a 50,000-square-foot medical office building at Texas Health Arlington Memorial Hospital. It has also developed projects for Texas Health in Southlake, Dallas and Plano.
Texas Health recently announced that it bought the 420-employee MedicalEdge Healthcare physicians group.