Caddis Deals Exceed $100M
The purchase of the RiverGate MOB and surgical hospital complex in Durango, Colo., capped a record year of new developments and acquisitions for the firm
January 29, 2014 DALLAS, TEXAS — Leading national healthcare real estate firm Caddis Partners LLC recently closed on the acquisition of the 69,053 square foot RiverGate Medical Center in Durango, Colo. The transaction, which was a joint venture with MedProperties Holdings LLC, enabled Caddis to reach a record for the firm: more than $100 million in new healthcare developments and acquisitions last year.
“I am so proud of our team and their execution,” says Jason Signor, Caddis Partners CEO. “Reaching $100 million of new developments and acquisitions is a significant milestone for a privately-held healthcare real estate organization such as ours. That said, we have even loftier goals for 2014 and beyond.”
The RiverGate acquisition includes a two-story, 38,548 square foot medical office building (MOB) attached to Animas Surgical Hospital, a 30,505 square foot facility operated by a joint venture of physician-owners and Symbion Healthcare. The medical center is ideally located near downtown Durango and has the closest emergency room to the nearby skiing and snowboarding areas.
Also acquired during 2013 were Northeast Medical Plaza, a 22,865 square foot MOB in San Antonio, Texas; Phoenix Medical Center, a 30,578 square foot MOB anchored by Piedmont Healthcare in the Atlanta suburb of College Park, Ga.; and South Texas Medical Clinic, a 55,000 square foot MOB leased to Memorial Hermann Health System, just south of Houston in Wharton, Texas.
“While Caddis historically has focused on acquiring healthcare properties in Texas, we are now committed to geographic expansion to strategic markets in the Southeast, Midwest and other areas,” says Matt Mattox, Executive Vice President. “The RiverGate acquisition in Colorado along with our entry into the Atlanta market represents the continued progression of our expansion plans throughout the country.”
Not only was 2013 a busy year for the acquisitions team, but the development team at Caddis was also pursuing and closing a significant number of deals. Caddis Partners closed on five new senior living development projects under the newly-launched Heartis senior living brand, encompassing a total of 311,681 square feet and 390 units in select markets across Texas including Fort Worth, Cleburne, Amarillo, Cypress and Houston.
New Team Members
“2013 wasn’t only a record year for us in terms of real estate capital, but human capital as well,” adds Signor. “We added 10 new hires to our team to provide additional capabilities and experience to our firm.” New team members include Jud Jacobs, Sr. Vice President of Development, and Katie Csobaji, Vice President of Senior Living. Mr. Jacobs brings 28 years of commercial real estate experience to Caddis Partners, and Ms. Csobaji brings 23 years of senior housing experience to the firm.
“We’re extremely confident that 2014 will surpass 2013,” adds Mr. Signor. “It truly is an exciting time for our organization.”
About Caddis Partners
Caddis Partners, LLC is a Dallas‐based real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired over one million square feet of medical assets valued in excess of $400 million. For more information about Caddis Partners, please visit our website or follow Caddis Partners on Twitter.