Construction Plans Approved for New Medical Office Development in Southlake
Mar 02, 2017 07:46AM
● By Audrey Sellers
Southlake will soon be home to a new Class A medical office building. 2GR Equity, a Grapevine-based commercial real estate investment firm, has invested in a joint venture with Dallas-based developer Brown Company Partners to develop a 50,000-square-foot, three-story medical office development.
The newly formed joint venture has acquired 4.2 acres on the southwest corner of White Chapel Boulevard and State Hwy 114 in Southlake. The development, named Chapel Crossing, will offer floor plates of approximately 16,000 square feet.
“The medical services industry is transitioning towards more retail-orientated locations, and this site fits perfectly within that model,” said Isaac Gregory, principal of 2GR Equity, via press release. “We believe the building will be a great option for physicians who have privileges at multiple hospital systems in DFW and don’t want to subject themselves to the restrictions that come with on-campus MOBs.”
Construction plans are approved by the City of Southlake and work should commence on the highly visible corner in early March. The building is 40-percent preleased with two lead tenants: Irving Orthopedic & Sports Medicine and Dallas Plastic Surgery Institute. Both groups are well established in Dallas County and were eager to expand their practices into the affluent Southlake market.
Brothers and Southlake natives Isaac and David Gregory formed 2GR Equity with Elizabeth Roll in 2011. The company manages three diversified real estate funds and has invested in 23 commercial real estate properties with a total capitalization of more than $240 million.