evdallas
17 November 2003, 05:30 PM
Investor group plans $14.5M medical office project at Il Sorrento site
Stephanie Patrick
Staff Writer
PRG Realty Partners and America Medical Office Partners L.P. have purchased longtime Dallas restaurant Il Sorrento and plan to develop a $14.5 million luxury, multi-specialty medical building at Northwest Highway and Turtle Creek Boulevard in Dallas. The new facility will be known as the Preston Hollow Medical Arts Center.
"The site is highly recognized due to the notoriety and longevity of Il Sorrento," said Mark Robertson, PRG principal. "We believe the location is ideal for development as a high-end medical office condominium."
The gross land price was $1.875 million for 1.4 acres. The deal closed Nov. 14.
Construction is expected to begin in early 2004, and the building is expected to be ready for occupany in the third quarter of that year, said Jeffrey Jones, managing partner of America Medical.
Suites in the building are being offered for sale as custom-designed medical office condominiums, but no contracts have been signed.
America Medical is in discussions with prospective buyers for more than 60 percent of the building, including a surgery center and an imaging center. Prices per square footage were not immediately available.
"We're very excited to be bringing a new, state-of-the-art medical facility to the Park Cities," Jones said. "An increasing number of medical professionals are realizing the benefits of buying office space rather than leasing. This building gives them a great opportunity to practice in the heart of Dallas while building real estate equity."
The restaurant property is being purchased by an investment group formed by PRG Realty, a Dallas-based corporate real estate advisory and investment banking firm. Mario Messina, who has owned and operated the restaurant since it opened 53 years ago, personally approved the plans for the new project prior to selling the property.
"Our restaurant has been proud to serve the residents of Dallas, and we're so pleased that the new space will also benefit the community," Messina said. The sale of the Il Sorrento location marks Messina's retirement after serving patrons at the Preston Hollow location since 1969 and prior to that on Lovers Lane in Dallas.
The restaurant is expected to remain open through the end of the month.
Architect Fernando Andrade of GSR-Andrade Architects is handling the medical office project.
"Ease of patient access was at the core of the design, with features including ample parking as well as covered drives and walkways," Andrade said.
Andrade also designed the Park Cities Medical Plaza at Snider Plaza in University Park, as well as several other medical facilities in the Dallas area. Precept Builders has been selected as the contractor for the project.
The 47,000-square-foot facility will be a Class A building featuring steel and concrete construction. Office sizes will range from 2,000 square feet to 19,000 square feet.
Stephanie Patrick
Staff Writer
PRG Realty Partners and America Medical Office Partners L.P. have purchased longtime Dallas restaurant Il Sorrento and plan to develop a $14.5 million luxury, multi-specialty medical building at Northwest Highway and Turtle Creek Boulevard in Dallas. The new facility will be known as the Preston Hollow Medical Arts Center.
"The site is highly recognized due to the notoriety and longevity of Il Sorrento," said Mark Robertson, PRG principal. "We believe the location is ideal for development as a high-end medical office condominium."
The gross land price was $1.875 million for 1.4 acres. The deal closed Nov. 14.
Construction is expected to begin in early 2004, and the building is expected to be ready for occupany in the third quarter of that year, said Jeffrey Jones, managing partner of America Medical.
Suites in the building are being offered for sale as custom-designed medical office condominiums, but no contracts have been signed.
America Medical is in discussions with prospective buyers for more than 60 percent of the building, including a surgery center and an imaging center. Prices per square footage were not immediately available.
"We're very excited to be bringing a new, state-of-the-art medical facility to the Park Cities," Jones said. "An increasing number of medical professionals are realizing the benefits of buying office space rather than leasing. This building gives them a great opportunity to practice in the heart of Dallas while building real estate equity."
The restaurant property is being purchased by an investment group formed by PRG Realty, a Dallas-based corporate real estate advisory and investment banking firm. Mario Messina, who has owned and operated the restaurant since it opened 53 years ago, personally approved the plans for the new project prior to selling the property.
"Our restaurant has been proud to serve the residents of Dallas, and we're so pleased that the new space will also benefit the community," Messina said. The sale of the Il Sorrento location marks Messina's retirement after serving patrons at the Preston Hollow location since 1969 and prior to that on Lovers Lane in Dallas.
The restaurant is expected to remain open through the end of the month.
Architect Fernando Andrade of GSR-Andrade Architects is handling the medical office project.
"Ease of patient access was at the core of the design, with features including ample parking as well as covered drives and walkways," Andrade said.
Andrade also designed the Park Cities Medical Plaza at Snider Plaza in University Park, as well as several other medical facilities in the Dallas area. Precept Builders has been selected as the contractor for the project.
The 47,000-square-foot facility will be a Class A building featuring steel and concrete construction. Office sizes will range from 2,000 square feet to 19,000 square feet.