- PM Realty Group, L.P. ("PMRG"), a nationally recognized and full service commercial real estate firm, today held the official Groundbreaking Ceremony for its Forney Medical Plaza
Phase II facility located on East US Highway 80 at FM 548 and Broad Street. Construction of another Emergency Room (ER) and Medical Office Building (MOB) development in Wylie, TX began in July and is slated for completion by year's end. These two developments mark PMRG's recent launch of its new Freestanding ER development initiative.
The Forney ER and Medical Office Building is Phase II of the master planned Forney Medical Plaza
. The first phase, already the largest medical complex in Forney (currently 98% leased), was completed in 2008 by PMRG and was acquired earlier this year by Universal Health Realty Income Trust (UHT), a real estate investment trust specializing in healthcare and human service related facilities. Once Phase II is completed the combined Forney Medical Plaza (Phase I and Phase II) will total 81,329 square feet.
Construction of the Forney project is estimated to be complete in early 2013. WB Kibler, a full-service construction company in Dallas, is building the project and the Dallas-based nationally recognized architecture firm, GSR Andrade, is providing the architectural services.
The Forney Emergency Center, with imaging, encompasses 13,248 square feet; a 5,000 square foot pediatrics practice and a cardiology provider reflect the remainder of the pre-leasing effort. It is expected the balance of tenancy on the Forney Medical Plaza campus will be comprised of both primary care physicians and various specialties providing an optimal referral network for both patients and healthcare providers.
The Wylie ER and Medical Office Building (Wylie Medical Plaza
) will provide a total of 51,000 square feet of healthcare services to the community. With a 30% population growth rate anticipated over the next 5 years and a current shortage of 57 physicians in Wylie (according to the leading medical market analytics) a 70% pre-leasing commitment was easily achieved. PMRG and its investment partner, Gummer Capital Partners, are confident providing a local, collective group of skilled healthcare providers as well as high-quality convenient emergency access to the Wylie community could not come at a better time for the residents of Wylie and the surrounding county.
Both the Forney and Wylie Emergency Departments will be operated by Lake Pointe Health Network (LPHN), part of Tenet Healthcare Corporation, and will provide 24-hour emergency services, seven days a week from board-certified emergency medicine physicians and registered nurses. The ERs will offer emergency diagnostic and treatment services including state-of-the-art imaging capabilities. Helipads will also be constructed to help accelerate patient transfer should they need a higher level of care.
In addition to these two freestanding ERs already under construction, PMRG Intends to pursue the programmatic development of freestanding Emergency Centers in multiple locations in targeted markets.
"We recognize, as hospital emergency departments are struggling to keep up with the nationwide growing patient base and demands, an increasingly popular option for improving access to quality medical services is the development of freestanding emergency centers, commonly known as "Freestanding ERs"" says Glen Perkins, Executive Vice President, PMRG.
Perkins added, "Growing population trends in urban and suburban communities, where patients are seeking convenient care closer to home without the difficulties and time required to go to a traditional hospital emergency room, are driving the demand for more Freestanding ERs."PMRG, Tenet, and City of Forney & Kaufman County leaders ceremoniously break ground on the future Forney Medical Plaza Phase II Medical Office Building and LPHN Emergency Department during a celebration at the future facility location September 11, 2012. Pictured from left to right are: Monty Smith, PMRG, Kerry Burden, PMRG, Joe Dan McBeth, member of the Forney EDC (Economic Development Corporation), Forney Mayor, Darren Rozell , Ed Wilson, President of the Emergency Services District, Kaufman County Judge Bruce Wood, Deborah Moeller, CFO and Interim CEO of Lake Pointe Health Network (Lake Pointe Medical Center) (Tenet), Glen Perkins, PMRG
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com