FI Real Estate Buys South Texas Medical Office

Partners Real Estate arranged the transaction for the Class B property.

909 Business Park Drive. Image courtesy of Partners Real Estate

909 Business Park Drive. Image courtesy of Partners Real Estate

FI Real Estate Capital Management has purchased a 49,320-square-foot medical office building in Mission, Texas, according to Hidalgo County records. MMP Development Inc. sold the Class B asset and Standard Insurance Co. provided an acquisition loan of $4.7 million.

CommercialEdge data shows the property was previously subject to a $1.5 million loan in 2020, originated by Frost Bank.

Partners Real Estate arranged the transaction. Senior Associate Gustavo Torres with Partners assisted the seller. Investment Associate Alex Wenzel of Sands Investment Group represented the buyer.

The medical facility, which sits on 6.2 acres, came online in 1999 and went through two additional construction phases, in 2003 and 2005. The one-story building has controlled access and includes 179 parking spaces at a parking ratio of 3.8 spaces per 1,000 square feet. The property offers several medical services including dentistry, internal medicine, cardiology and senior care, among others. The tenant roster includes DHR Health Specialty Clinic, Step By Step Home Health Care, Beautiful Smiles, Mission Internal Medicine Clinic and Apple Pharmacy.

The property is located at 909 Business Park Drive, near the border with Mexico and has access to Interstate 2. Medical providers in the surrounding area include Mission Regional Medical Center adjacent to the facility, Little Heroes Pediatric Dentistry, Biomat USA and South Texas Health System ER Mission.

As a property type that performs well during economic downturns due to its asset class specificity, the medical office sector continues to offer healthy investor appeal.

You May Also Like

The latest CRE news, delivered every morning.

Most Recent