May 7, 2019— Robert Lynn Investments (RLI), a Dallas-based commercial real estate investment company, announced the purchase of a 22,654-square-foot medical office building located at 9500 North Central Expressway. The building currently houses DaVita Central Dallas Dialysis, and RLI has a new long-term agreement with a national surgical company to anchor the building. RLI will develop the new space and expects it to be operational in the first quarter of 2020.
RLI, the investment division of NAI Robert Lynn, is led by managing partner Robert Hoodis. RLI was opportunistic in purchasing the off-market, value-add opportunity, which is consistent with their portfolio strategy. NAI Robert Lynn brokers Nick Lee and Justin Utay sourced the off-market building purchase and presented it to Hoodis. Lee and Utay also handled lease negotiations with the new tenant.
“This was a highly collaborative venture between Robert Lynn Investments and NAI Robert Lynn that enabled us to customize a solution to truly meet the client’s needs,” said Hoodis. “As an investment company, we benefit tremendously by accessing NAI Robert Lynn’s brokers’ submarket expertise. It’s a relationship that not only helps us source off-market deals, but often negotiate them to a better outcome for our clients and tenants. In this case, our team of RLI and NAI Robert Lynn discovered a desirable new location that enables us to better serve our client with great benefits.”
The building spans 22,654 square feet, with the new tenant space to take up approximately 12,037 square feet. The remaining usable space, approximately 8,200 square feet, is occupied by DaVita. The building, uniquely situated in a parking garage, includes covered parking for patients and is optimized for patient flow. The location is a short distance from Texas Health Presbyterian Hospital in Dallas, numerous medical offices and major highways.