Southlake will soon bebrhome to a new Class A medical office building. 2GR Equity, a Grapevine-based commercialbrreal estate investment firm, has invested in a joint venture with Dallas-basedbrdeveloper Brown Company Partners to develop a 50,000-square-foot, three-storybrmedical office development.
The newly formed jointbrventure has acquired 4.2 acres on the southwest corner of White ChapelbrBoulevard and State Hwy 114 in Southlake. The development, named ChapelbrCrossing, will offer floor plates of approximately 16,000 square feet.
“The medical servicesbrindustry is transitioning towards more retail-orientated locations, and thisbrsite fits perfectly within that model,” said Isaac Gregory, principal of 2GRbrEquity, via press release. “We believe the building will be a great option forbrphysicians who have privileges at multiple hospital systems in DFW and don'tbrwant to subject themselves to the restrictions that come with on-campus MOBs.”
Construction plans arebrapproved by the City of Southlake and work should commence on the highlybrvisible corner in early March. The building is 40-percent preleased with twobrlead tenants: Irving Orthopedic & Sports Medicine and Dallas PlasticbrSurgery Institute. Both groups are well established in Dallas County and werebreager to expand their practices into the affluent Southlake market.
Brothers and Southlakebrnatives Isaac and David Gregory formed 2GR Equity with Elizabeth Roll in 2011.brThe company manages three diversified real estate funds and has invested in 23brcommercial real estate properties with a total capitalization of more than $240brmillion.