A growing Dallas-based investor has snapped up a Richardson medical building.
The Richardson Medical Center is on Bush Turnpike south of Renner Road. Built in 1998 and renovated in 2017, the property is adjacent to Methodist Richardson Medical Center.
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Pillar Commercial sold the 118,472-square-foot medical office building to Big Sky Medical, a company formed in 2020 to invest in health care and life science real estate. Commercial property firm Newmark Group brokered the sale.
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Newmark’s Chris Murphy said the building is “positioned to capture the growing demand for medical office space in the market given its strategic location next door to Methodist hospital.”
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Methodist Richardson Medical Center includes a 334-bed hospital, a physician office building, emergency room and a cancer center.
The just-sold building is being converted for medical uses. Newmark’s Murphy, Robert Hill, Gary Carr, John Nero, Ben Appel, Jay Miele and Michael Greeley handled the sale.
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Big Sky Medical last month closed a $392 million investment fund. It has invested in 37 health care assets with more than 2 million square feet in 15 states.
“Big Sky’s strategy to acquire high-quality health care real estate assets is ideally positioned amid turbulent market conditions,” Big Sky’s Harrison Horowitz said in a statement.
Pillar Commercial had owned the building since 2019 and had been working to repurpose the building.
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“We are equally confident Big Sky Medical will be effective in continuing this strategic medical office building conversion,” Pillar Commercial CEO Manny Ybarra said.
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The Richardson transaction is the latest in a series of Dallas-area office building sales handled by Newmark.
Dallas investor acquires Richardson medical project
