The 113,000-square-foot Hospital at Craig Ranch in McKinney has been sold to Forge Realty Partners, a new company formed to invest in medical real estate. The property includes a 57,000-square-foot hospital and 56,000 square feet of medical office space.
Victory Healthcare has signed a lease to occupy about 80 percent of the entire facility; about 15,000 square feet remains available for lease. The hospital component includes a four-bed intensive care unit, 20 private suites, five operating rooms, and three special procedure rooms.
The deal is the first investment for Forge Realty Partners, led by former Caddis executive Josh Ihde, managing partner; and Michael Austin, partner. Austin was a principal at Caddis and has been involved with the funding and leadership of many healthcare startups. He’s currently chairman of Total Surgical Management LLC and L2 Surgical LLC.
Ihde said he and Austin aim to give physicians the opportunity to invest in real estate and “capitalize on the value they create.”
“Physicians generate millions of dollars for other companies and profitability for other companies, but they rarely get to be a part of it and capitalize on it,” he said. “Very few people want to share that cut.”
Forge initially will focus on investment opportunities in North Texas, but will expand to other national markets. It’s currently looking at an office building on Interstate 635 and a medical office facility in Fort Worth. It’s also evaluating projects in Louisiana and Arizona.
“We have more projects available to us than we have the capacity,” Austin said.
Here are some provided photos of the Craig Ranch facility: