Henry S. Miller Cos. Represents Buyer and Seller of Medical Building in Bedford, TX
(Bedford, TX) –Darrell Hurmis, Executive Vice President and Principal of the Investments and Land Division of Henry S. Miller Cos., and Lily Chang, CCIM, Senior Vice President in the same division, recently represented the seller and buyer, respectively, of a 15,000-square-foot medical building at 3024 Highway 121 in Bedford, TX.
The sale was the culmination of a search that began in early 2014 when Henry S. Miller set out to find a safe cash flow deal that also had a potential for future increased value for investors. With the following characteristics, this medical building met the requirements for purchase:
- Attractive location—Bedford is one of the Mid-Cities, located between Dallas and Fort Worth, and approximately 10 minutes from DFW International Airport
- Reputable credit tenant—Texas Health Family Care, a Texas Health Resources medical clinic
- A building in excellent condition—Constructed in 2001, the building was well maintained
- Successful business—the tenant’s business had increased to the point of needing additional parking
- NNN lease with approximately six years remaining on the lease
- Annual increases in rent
HSM 3024 Hwy 121 LTD, a joint venture, purchased the property and acquired the adjacent 19,800 square feet of vacant land to provide an additional 33 parking spaces. Once the parking lot was completed, the landlord was able to increase the current rent and add five years to the current lease, which had two years remaining. With the attraction of increased rent and a seven-year credit tenant lease, Henry S. Miller put the property on the market and secured an undisclosed local investor within a couple of months.
About Darrell Hurmis
Darrell Hurmis is Executive Vice President and Principal of the Investments and Land Division of Henry S. Miller Brokerage, LLC. Mr. Hurmis has 35 years experience in commercial real estate and specializes in income properties and land sales, as well as unique lease assignments. Darrell won the prestigious Stemmons Award in 2010. This award is presented to the top all-around commercial broker voted by his peers and the North Texas Commercial Association of Realtors.
About Lily Chang, CCIM
Lily Chang, CCIM, is a Senior Vice President in the Investment and Land Division of Henry S. Miller Brokerage. Lily specializes in income properties investment sales, landlord and tenant representation, site selection and project leasing. She is a member of the company’s Chairman’s Council. Lily was born in Taiwan, Republic of China and has lived in Dallas since 1982.