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Facility to be first medical complex in community,
offering local residents access to quality medical care closer to home
ROCKWALL, Texas - PM Realty Group, one of the nation's leading full-service commercial real estate firms today announced that it has begun construction of a two-story medical office and diagnostic center on nearly six acres of land recently bought by Quorum Lake Pointe Partners I, L.P. in Rockwall, Texas. The new, much-needed facility will be the first medical complex in the community, providing residents of East Texas with access to better medical care options closer to home.
Known as Rockwall Medical Center, the complex will be developed in two phases. Phase 1, which is slated for completion in January 2006, will consist of a 63,000-square-foot medical office complex and diagnostic center resting on 3.5 acres of land. It will feature an advanced imaging diagnostic center with the very latest in medical technology. Physicians and patients will also enjoy the convenience of having a medical laboratory and reserved, covered parking on site.
“The state-of-the-art building is being custom-designed to accommodate the unique needs of the physicians who lease space, while emphasizing patient needs and comfort,” said Glen Perkins, executive vice president/managing director of development and acquisitions services for PM Realty Group. “This represents a new building concept in the medical industry.”
Phase 2 will consist of further developing the remaining 2.25 acres of land and expanding the current complex to approximately 90,000 square feet.
Once completed, Rockwall Medical Center will be the largest building in Rockwall.
PM Realty Group and Quorum Lake Pointe Partners I, L.P. will handle the development and construction of the Class-A facility. PM Realty Group will exclusively lease the offices and manage the facilities. Twenty thousand square feet of the complex has already been leased by primary care physicians, and to date, 58 percent of phase I and phase 2 have already been pre-leased.
When PM Realty purchased the land, the original intent was to construct a much smaller medical office building in the predominantly retail/office park. But, the focus shifted when the company saw the true need and demand to provide local residents with easy access to nearby, quality medical services.
“Rockwall is one of the fastest growing cities of its size in the United States,” Perkins said. “PM Realty has sort of created a new market with this project – from identifying a need, purchasing land, developing and constructing it and leasing the space. Because of our direct involvement in all these areas, we will be able to better meet the emerging needs of this facility and the community at large.”
Perkins believes the Rockwall Medical Center will attract top medical specialists because of the select group of physicians who have already leased space in the building. Several specialists now located in medical facilities in neighboring cities are expanding to Rockwall and will be opening satellite offices at the new facility.
The Rockwall Medical Center is one of many new medical development projects underway at PM Realty Group. The company is developing the Tuscan Professional Building in Las Colinas, Texas and the Courtyards at Lake Granbury in Granbury, Texas, with numerous other projects planned for the future.
According to a brokerage survey conducted by PM Realty Group in 2004, 73 percent of Dallas-area brokers said the healthcare industry will be the most active sector in the coming year.
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