Chicago, IL-- The Alter Group (www.altergroup.com) has sold Terrace Park Professional Center (www.terracepark.info), a 59,615 RSF medical office building in Bettendorf, IA,. Michael J. Alter, President of The Alter Group, announced the sale.
The purchaser is Dallas-based RM Crowe Company (www.rmcrowe.com), which was founded in 1987 and has acquired, developed and/or managed more than $600 million in real estate over the last 20 years. Their extensive portfolio includes healthcare, office, industrial, retail and multi-family residential properties. The firm recently launched a $50 million fund to acquire healthcare facilities across the country.
Terrace Park Professional Center was developed in 2004 by Alter+Care (www.altercare.net), the healthcare real estate services affiliate of The Alter Group, which develops, owns and manages world-class ambulatory-care facilities.
Jim Roberts, First Texas Realty Group, Inc., represented RM Crowe in the purchase. James I. Clark III, Managing Principal, EnTrust Realty Advisors, LLC, (www.entrustrealty.net), represented The Alter Group. An affiliate of The Alter Group, EnTrust Realty Advisors, LLC, specializes in the disposition and recapitalization of investment real estate through direct sales, joint ventures and structured financing.
Located at 4480 Utica Ridge Road, Terrace Park Professional Center is physically connected to the 150-bed Trinity at Terrace Park Hospital, the newest hospital in the Quad Cities. The four-year-old Class A medical office building is 80 percent leased, and draws patients from within a 60-mile radius.
Terrace Park Professional Center houses complementary outpatient medical services, including family practice; internal medicine; physical therapy; OB/GYN; cardiology; oncology; general services; orthopedics; dialysis; and MRI. Approximately 45 percent of the building is leased to Trinity Medical Center, which owns and operates Trinity at Terrace Park Hospital.
The Alter Group is a national corporate real estate development firm of office, industrial and healthcare facilities. Additionally, the firm provides comprehensive services in brokerage, construction, investment services, and property and asset management.
Founded by William A. Alter in 1955, The Alter Group has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 4,000,000 SF of space, worth $600,000,000, under development in national markets. The firm was recently ranked as # 5 in the National Real Estate Investor survey of America's top office developers.
