909 Enterprise Park Drive. Picture courtesy of Companions Actual Property
FI Actual Property Capital Administration has bought a 49,320-square-foot medical workplace constructing in Mission, Texas, in keeping with Hidalgo County data. MMP Improvement Inc. offered the Class B asset and Commonplace Insurance coverage Co. supplied an acquisition mortgage of $4.7 million.
CommercialEdge information reveals the property was beforehand topic to a $1.5 million mortgage in 2020, originated by Frost Financial institution.
Companions Actual Property organized the transaction. Senior Affiliate Gustavo Torres with Companions assisted the vendor. Funding Affiliate Alex Wenzel of Sands Funding Group represented the customer.
The medical facility, which sits on 6.2 acres, got here on-line in 1999 and went by two further building phases, in 2003 and 2005. The one-story constructing has managed entry and contains 179 parking areas at a parking ratio of three.8 areas per 1,000 sq. toes. The property gives a number of medical providers together with dentistry, inside medication, cardiology and senior care, amongst others. The tenant roster contains DHR Well being Specialty Clinic, Step By Step Residence Well being Care, Stunning Smiles, Mission Inner Drugs Clinic and Apple Pharmacy.
The property is positioned at 909 Enterprise Park Drive, close to the border with Mexico and has entry to Interstate 2. Medical suppliers within the surrounding space embrace Mission Regional Medical Heart adjoining to the power, Little Heroes Pediatric Dentistry, Biomat USA and South Texas Well being System ER Mission.
As a property sort that performs nicely throughout financial downturns attributable to its asset class specificity, the medical workplace sector continues to supply wholesome investor attraction.
