Lincoln, PGIM Acquire Two DFW Medical Buildings

Lincoln Property Company and PGIM acquired two outpatient medical buildings in the Dallas-Fort Worth Metroplex, totaling 103,000 square feet. Acquired through separate transactions, the portfolio includes 17051 N. Dallas Parkway in Addison, Texas (shown) and the Rayzor Ranch Medical Building in Denton, Texas. SRP Medical was the seller of the Addison building, and Prime Denton Properties was the seller of the Denton facility.

The Class A outpatient medical buildings are immediately adjacent to acute care and surgical hospital campuses. Collectively, the properties are 84% leased to a diverse tenant roster that includes Texas Health Resources, Methodist Health System, and leading physician groups specializing in outpatient surgery, primary care, orthopedics, neurosurgery, pain management, gastroenterology, dermatology, ophthalmology, mammography, and behavioral health.

Positioned within established healthcare nodes along two of the Metroplex’s fastest-growing corridors, the acquisitions provide Lincoln’s national healthcare investment platform with additional scale in North Texas.

PGIM’s Real Estate Investment Group has $217 billion in gross assets under management and administration.