Healthcare real estate investor takes over massive Stemmons skyscraper
A Wisconsin-based medical real estate company has purchased the largest office building in the Dallas Stemmons Freeway corridor northwest of downtown.
The 20-story Trinity Towers at Stemmons Freeway and Inwood Road are adjacent to the Southwestern Medical District and close to Dallas Love Field.
Built in 1982, the huge office complex has just been purchased by Milwaukee-based Hammes Partners.
Commercial real estate company Newmark Group arranged for the sale of the building by owners Stanton Road Capital and Third Lake Capital.
“Trinity Towers has provided Hammes with an ideal opportunity to gain critical mass in Dallas’ first emerging market and the growing life sciences cluster,” Newmark’s Chris Murphy said in a statement. “Hammes is ideally placed to continue pursuing additional conversions in medical practice or in the life sciences.
“Currently, a significant portion of the leasable area of Trinity Towers is leased to top quality healthcare-oriented tenants, demonstrating the long-term value for research healthcare tenants. clinical and non-clinical spaces adjacent to a campus that is at full capacity.
Previous owners have invested over $ 10 million in building improvements.
Major tenants of the tower include Aetna Life Insurance, Children’s Medical Foundation of Texas, Neilson Audio and Wellness Centers of Texas.
The office building is adjacent to one of the county’s largest medical centers. The Southwestern Medical District includes seven hospitals and educational institutions and employs 37,000 people. Almost 3 million patients are treated in the district each year.
Newmark officials say Trinity Towers “is in the process of switching to the use of a doctor’s office.”
The newly sold building sits on the highway of the 23-story Pegasus Park project, which includes an 18-story office tower and surrounding buildings being converted into a state-of-the-art home for businesses. biotechnology companies and non-profit organizations.
Murphy, Gary Carr, Robert Hill, John Alvarado and Chase Tagen of Newmark marketed the Trinity towers for sale.
New owner Hammes was founded in 1993 and has managed over 57 million square feet of healthcare properties valued at $ 23 billion.