Arapaho & Gessner
Location: Dallas and Houston, TX
Type: Office
Price: $13,800,000
SMC provided a $13,800,000 loan to finance the sponsor’s acquisition of 1010 Arapaho, Richardson, TX and 7027 Gessner, Houston, TX. The Properties were sold separately by two unrelated third parties.
1010 Arapaho is a repositioned three-story, 73,152 SF suburban mid-rise office building originally built in 1985 and fully renovated in 2016 located in Richardson, TX.). Aprima Medical Software (“Aprima”) is the building’s largest tenant and is a privately-held provider of electronic healthcare records (EHR), revenue cycle management (RCM) and practice management (PM) solutions that was founded in 1998. Aprima is headquartered at the Property.
7207 Gessner is a one-story, 92,729 SF single-tenant flex office/industrial asset located in Houston, TX that is a built-to-suit processing center for Laboratory Corporation of America (“LabCorp”), which has fully occupied the building since it was completed in 1998. LabCorp is a publicly-traded healthcare diagnostics company (NYSE: LH, MIS-rated Baa2, $15.5 billion market cap as of November 2017).