Westmount Realty Capital Announces Closing of Land Sale for Medical Development

DALLAS--(BUSINESS WIRE)--Dallas-based Westmount Realty Capital announced today the sale of approximately 6.9 acres of its landholdings at Westmount Health Campus to Forest Park Realty Partners III for the construction of additional phases of the adjacent Forest Park Medical Center.

“Medically-oriented development remains one of the most active sectors in real estate. With Westmount Health Campus occupying such an enviable tract of land, buyers are attracted to its location near other medical facilities and accessibility to major roadways which provide high visibility.”

Forest Park Realty Partners III has also obtained an option to purchase an additional 3.8 acres for even further expansion of its medical facilities. The first phase of the Forest Park Medical Center, completed in March 2009, is a 66,000 square foot specialty hospital. Situated at the northeast quadrant of North Central Expressway and Forest Lane in north Dallas, the property is one of the most visible and accessible locations inside the I-635/LBJ Freeway loop.

“We are pleased to have completed this transaction that represents progressive movement in the Dallas real estate market, especially given these challenging economic times,” said Cliff Booth, president of Westmount. “Medically-oriented development remains one of the most active sectors in real estate. With Westmount Health Campus occupying such an enviable tract of land, buyers are attracted to its location near other medical facilities and accessibility to major roadways which provide high visibility.”

After this most recent transaction, only 7.5 acres remain for sale of the total 27-acre tract acquired by Westmount in 2006.

Westmount Health Campus is accessible from all parts of Dallas, within close proximity of other major medical centers and only 400 feet from the Forest Lane DART rail station. With Medical City Hospital located just west, across Central Expressway, and Presbyterian Hospital just three exits to the south, Westmount Health Campus is an attractive addition to a burgeoning medical sector which continues to grow to meet the area’s changing demographics and expanding population and represents one of the few commercial land development opportunities near the core of Dallas.

About Westmount Realty Capital, LLC

Westmount Realty Capital, LLC is a privately-held, Dallas-based commercial real estate investment, development and lending company. The company’s principals have completed more than $1 billion in transactions. With more than 50 years combined real estate experience, Westmount principals have built a diverse portfolio including industrial properties, retail centers, office buildings, multifamily communities and several historic buildings in downtown Dallas as well as land developments. www.westmountrc.com