NexCore Group Breaks Ground on Dallas-Area MOB – What is a Ground Lease?
Dallas, Development, Medical Office, News, Southwest, Hill & Wilkinson, NexCore Group, Page Southerland Page Inc.
NexCore Group, on behalf of Hunt County Regional Hospital, has broken ground on the Hunt Regional Healthcare Medical Office Building, a 70,000-square-foot facility in Royse City, Texas. The development team includes Hill & Wilkinson General Contractors and architecture firm Page Southerland Page. Delivery is expected in the fall of 2024.
In April, the City awarded a $925,000 cash incentive to NexCore Group for the development of the property. The project involves a $20 million capital investment.
Upon completion, the property will be home to an emergency facility, as well as to specialty practices including women’s care and orthopedics. Medical services provided will include diagnostic imaging, laboratory services and primary care.
The health-care facility is taking shape at the intersection of Interstate 30 and Shaw Road, some 30 miles from downtown Dallas. Other medical providers in the surrounding area include Royse City Dental Care, Royse City Emergency Hospital, Texas Health Family Care and Hunt Regional Family Medicine, among others.
NexCore Group currently has four other projects, located in Indiana, Colorado, Nevada and Arizona, in its development pipeline. The medical office buildings have a completion date set for the last quarters of 2023 and 2024.
Another medical office building broke ground near Dallas earlier this year. Caddis Healthcare Real Estate kicked off the construction of a 60,000-square-foot facility in Frisco, Texas.
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The facility will come online in late 2024.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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