Westmount Realty Capital Announces Closing of Land Sale for Medical Development
Westmount Health Campus sells 6.9 acre site to Forest Park Realty Partners
Dallas-based Westmount Realty Capital announced today the sale of approximately 6.9 acres of its landholdings at Westmount Health Campus to Forest Park Realty Partners III for the construction of additional phases of the adjacent Forest Park Medical Center.
Forest Park Realty Partners III has also obtained an option to purchase an additional 3.8 acres for even further expansion of its medical facilities. The first phase of the Forest Park Medical Center, completed in March 2009, is a 66,000 square foot specialty hospital that has been well received in the community. The property is situated at the northeast quadrant of North Central Expressway and Forest Lane in north Dallas – one of the most visible and accessible locations inside the I-635/LBJ Freeway loop.
“We are pleased to have completed this transaction that represents progressive movement in the Dallas real estate market, especially given these challenging economic times,” said Cliff Booth, president of Westmount. “Medically-oriented development remains one of the most active sectors in real estate. With Westmount Health Campus occupying such an enviable tract of land, buyers are attracted to its location near other medical facilities and accessibility to major roadways which provide high visibility.”
After this most recent transaction, only 7.5 acres remain for sale of the total 27-acre tract acquired by Westmount in 2006.
Westmount Health Campus rests on 27 acres that Westmount acquired in 2006.is accessible from all parts of Dallas, within close proximity of other major medical centers and only 400 feet from the Forest Lane DART rail station. With Medical City Hospital located just west, across Central Expressway, and Presbyterian Hospital located just three exits to the south, Westmount Health Campus is an attractive addition to a burgeoning medical sector which continues to grow to meet the area’s changing demographics and expanding population and represents one of the few commercial land development opportunities near the core of Dallas.
Westmount Realty Capital was represented by Sherwood Blount of Parkway Realtors, and Newt Walker of the Newt Walker Company represented Forest Park in the real estate transaction.
Media Contact:
Katie Flodder, C. Pharr & Company
katie@pharrpr.com
972-931-7576 x25
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