October 12, 2007 - SAN ANTONIO - B&M Healthcare Facilities, Ltd. (B&M) in coordination with the Healthcare Facilities Division of Dominion Advisory Group, Inc. (DAG Healthcare) announces the acquisition of its first medical office building, Physician's Plaza II located at 8042 Wurzbach Road, adjacent to Methodist's Specialty and Transplant Hospital in San Antonio's South Texas Medical Center. The 65,000 sq. ft. building is 95 percent occupied and the partners are planning a major renovation in the near future that will include upgrading the elevators, lobby and common areas. Chuck Brown and Bart Wilson with Primera Partners Real Estate Services represented the seller.
"This is the first of many planned medical facility acquisitions for B&M's new healthcare arm," said Lee Jackson, vice president of DAG Healthcare. "There has been a shift for medical real estate to be a core real estate asset with institutional investors. DAG Healthcare, through its B&M partnership, will be able to compete with the best of these buyers while pursuing medical facilities associated with leading healthcare systems."
As B&M and DAG Healthcare expand into the healthcare facility industry, plans are underway for another acquisition in the Medical Center in November. DAG Healthcare will manage and lease both medical facilities for B&M.
"The B&M partnership is diversifying its portfolio as the demographic demand associated with healthcare facilities increases," said Larry Baumgardner, CCIM, principal of Dominion Advisory Group, Inc. and a partner in B&M. "We are working to set B&M up for success as DAG has added dedicated staff who bring with them strong expertise in the field."
"Our healthcare division is planning to grow in other cities as it expands relationships with healthcare systems," said Jackson. "This is an exciting time for DAG Healthcare and B&M as the companies grow in this industry."
Jackson, who recently joined DAG Healthcare, comes to the organization with 10 years experience in healthcare facility acquisition, leasing and development. Lee was previously employed with Cambridge Real Estate Holdings, Inc., based in Dallas where he served as regional manager of leasing and acquisitions.
Joining Jackson is Joi Taylor who will serve as DAG Healthcare's senior property manager. Taylor has more than nine years of experience in managing medical office buildings. Taylor previously managed two class 'A' medical office buildings in North Central San Antonio for Rector Management. Prior to this, Taylor managed several physician practices.
"DAG Healthcare has a wonderful opportunity to excel in this area, providing class 'A' property to physicians in San Antonio and other cities," said Taylor. "It's important to me to provide an environment that is conducive for physicians as well as patients. Assisting patients with their healthcare through patient-friendly medical facilities provides me great satisfaction. DAG Healthcare provides me a platform to fulfill this goal."
About Dominion Advisory Group (DAG) Established in 1992, Dominion Advisory Group, Inc.’s objective is to serve the client through value-added professional accomplishment and a philosophy of building on service. The company is a diversified, full service, corporate real estate services firm that provides expertise in the areas of build-to-suit services, acquisitions and dispositions, investment brokerage, tenant representation, property leasing and management, development supervision and facilities consulting services in all national markets. For more information, visit www.askdag.com.
About DAG and B&M Dominion Advisory Group, Inc. and B&M Partnerships acquire, re-position, and/or develop any type or size of commercial real estate project in South-Central Texas and the United States. This team brings a long-term track record of outstanding performance to the acquisition process.