164 Bed Healthcare Facility and Turnkey Medical Office with Substantial Development Land in Princeton, Texas

NORTHBROOK, Ill., Oct. 22, 2024 /PRNewswire/ -- Hilco Real Estate Sales (HRE) announces November 21, 2024, as the qualifying bid deadline for the sale of three adjacent real estate parcels: an 111,559± SF, 164 bed healthcare facility, a turnkey 3,500± SF medical office building and an undeveloped 4.7± AC lot in Princeton, Texas.

The healthcare facility and medical office building, together totaling 114,000 SF, are currently vacant and sit on a total of 6.78± AC while the development land immediately east spans 4.7± AC – all are currently zoned C-2. Built in 1997, the larger property was previously used as an assisted living facility and held a license for 164 beds. Under Texas licenses, this site featured 92 Type A beds, 52 Type B beds and 20 beds dedicated for memory care. On-site amenities include a commercial kitchen, individual room kitchenettes, a coffee bar, library and other shared community rooms throughout the complex. The turnkey, one-story medical office building is designed for a single tenant with a specialized practice. With the current zoning, this allows for a new owner/operator to reopen the facility as a senior living facility and enhance the offerings to memory care, independent living and/or skilled nursing. Alternatively, there's potential to repurpose the site for other medical uses such as a rehabilitation clinic, sober living facility or treatment center. With a growing and aging population in the greater Dallas-McKinney corridor, this offering presents an opportunity to meet the demand of its market.

The adjacent 4.7± AC development land provides investors or developers the opportunity to expand the current offerings of the healthcare complexes or potentially build multifamily housing or even a retail center to leverage the frontage along the two major thoroughfares. Located near key educational institutions such as Princeton High School, Lovelady High School, Clark Middle School and Canup Early Childhood Center, this parcel offers prime potential for development. Its central location in the heart of Princeton makes it an excellent opportunity to create a project that benefits from the area's growth and accessibility.

The sites are situated 40 miles north of the rapidly-growing Dallas-Fort Worth-Arlington MSA (The Metroplex), which was deemed the most populous metropolitan statistical area in the Southern United States, totaling 7,637,387 in 2020 by the U.S. Office of Management and Budget. This region further benefits from the historic and continued migration of the nation's population from Rust Belt states to Sun Belt states, driven by factors like affordable housing, job growth, warmer climates and business/personal tax benefits. Dodge Data and NICMap Vision report that among the fastest growing 30 metros with over 100,000 residents 75+ years old, 27 are in the Sun Belt, prompting a need in this area as the number of seniors continues to rise. Seniors Housing Business noted 10,000 Americans will turn 80 every day starting in 2025. By 2030, all 73 million Baby Boomers will be of retirement age. These demographic shifts underscore the pressing need for expanded healthcare services and offer a chance for an owner to capitalize on the growth within this DFW sub-market.

Daniel Miggins, vice president at Hilco Real Estate Sales, stated, "This location offers an exceptional opportunity for investors to step into a market poised for growth. With its existing infrastructure, flexible uses and the potential for expansion, this property is well-positioned to serve the increasing needs of a growing population in the greater DFW-Metroplex."

Steve Madura, senior vice president at Hilco Real Estate Sales, added, "The combination of a recently remodeled facility offering a blank canvas, the turnkey medical building and the strategic location near a rapidly expanding metropolitan area makes this a compelling investment. This sale provides the perfect platform to not only meet current demand but to anticipate and accommodate future growth in Princeton." 

Qualifying bids must be received on or before the deadline of November 21, 2024, at 5:00 p.m. (CT) and must be submitted on the bid document available for review and download from Hilco Real Estate Sales' website.

Interested buyers should review the terms of sale for requirements to participate in the sale process available on Hilco Real Estate Sales' website. For further information, please contact Michael Kneifel at (847) 201-2322 or [email protected] or Jordan Schack at (847) 504-3297 or [email protected].

For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate Sales 
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

SOURCE Hilco Real Estate