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Stage Equity Partners Acquires MOB Portfolio in Texas
Chicago-based Stage Equity Partners acquired a two-building medical office portfolio in El Paso, Texas, that represented the firm’s ninth acquisition in the state. The seller was an institutional fund manager.
The buildings, located at 1390 and 1393 George Dieter Drive, total 40,750 square feet and are located along a top retail and medical corridor. Jay Miele of Newmark represented the seller in the transaction. Wintrust Bank provided the acquisition financing.
The desired single-story buildings provide direct tenant access and parking, along with a mix of complimentary practices and specialties. The properties are 100% leased with more than one third of the total space leased to health system credit tenants including University of El Paso Medical Center and Tenet Health.
“The dynamics of this transaction, and the medical office market in El Paso, make this a very attractive opportunity for Stage Equity and its investors,” said Brian Howard, President and Founder of Stage Equity Partners.
