Dallas-based Ridgeline Capital Partners has acquired a portfolio of 10 fully leased medical office buildings with a total of 99,072 square feet. The one and two-story properties are principally located in Tarrant County–Fort Worth–on commercial corridors with high traffic.
The company once again looked to CrowdStreet to raise money, pulling in $15 million in offers–$5.3 million of the proposals were accepted from 79 investors on the platform.
This was Ridgeline’s third offering on the online commercial real estate investment marketplace.
“The deal was a good fit for CrowdStreet’s investment team and the individual investors who chose to participate,” said Ridgeline’s Founder and Managing Principal Jeffrey Axley. “The portfolio is 100 percent net leased, nicely cash flowing, with tenants that provide medical services that are needed in any economic environment.”
The anchor tenant in all 10 buildings is U.S. Renal Care, the third-largest dialysis center operator in the nation, is the primary tenant in each of the 10 buildings. PPG Health, a multi-specialty healthcare organization with 30 DFW locations, also is a tenant.
CrowdStreet Chief Investment Officer Ian Formigle said despite the current market uncertainty; there was extremely high investor demand for this offering.
“We are seeing that our investors continue to have an appetite for investment opportunities like this one–a recession-resistant business plan, a sponsor with a strong track record, and deep expertise with the asset class,” Formigle said.
The acquired properties are NNN (triple-net-leased) with tenants responsible for all expenses, including taxes, insurance, and maintenance.
Axley said Ridgeline plans to add value to the properties and, likely, sell the properties individually.
“It’s an understandable story to investors, who are looking for yield and stability in these tumultuous times,” he said.