January 7th, 2016
In June 2015, Woodside Health sold the Rockwall Medical Building, a medical office building in Rockwall, Texas, a suburb of Dallas. The building is located at 890 Rockwall Parkway and is on the campus of Texas Health Presbyterian Hospital Rockwall. Limited partners who invested in the property realized an IRR of 16.0%, exceeding the original forecasted return. Woodside Health acquired the building in late 2010.
"It's hard to sell a building like the one in Rockwall," said Ben Sheridan, Woodside Health Principal. "But this was an attractive price and provided a return that significantly exceeded our forecast," he added. "We prefer to keep our properties for longer periods of time but the tenant mix, success of the adjacent hospital, growth of the city of Rockwall, and demand for quality real estate assets made this property coveted in today's market."
This is the first portfolio sale for Woodside Health, the medical office building acquisition and management firm with properties in Florida, North Carolina, Ohio, Michigan and Texas. The firm is in active discussions regarding additional acquisitions.
About Woodside Health
Cleveland-based Woodside Health is a medical office building acquisition and management firm. Unique to the industry, Woodside Health treats their tenants like customers. They proactively enhance the exterior and interior spaces of their buildings, and look to establish long-term relationships with their tenants. The firm's principals have decades of experience investing in and managing real estate. For more information, please visit www.WoodsideHealth.com.