New Facility Boosts Wolf River’s Medical Appeal

By Eric Smith

CLOSING IN: Cypress Realty Holdings Co.’s 44,000-square-foot, two-story Wolf River Medical Arts Facility, at 7550 Wolf River Blvd., is near completion.

In the span of one week last October, Cypress Realty Holdings Co. bought a pair of commercial lots on Wolf River Boulevard in Germantown for $3.9 million and promptly began construction of a Class A medical office building.

With all the medical space that had sprouted along Wolf River Boulevard – from Baptist Memorial Hospital on the west end to the UT Medical Group on the east end – Cypress Realty principals Joe Jarratt and Price Ford knew they should move quickly to tap into the boulevard’s demand.

“Long-term, we just feel like that’s a very strong corridor,” Jarratt said. “You can go all the way down the list, and in that immediate area I would guess it’s 80 to 90 percent medical. You can see what’s going on out there, and we wanted to be a part of that.”

Class A possibilities

Fast forward seven months and the company is preparing to unveil the 44,000-square-foot, two-story office building called Wolf River Medical Arts Facility, at 7550 Wolf River Blvd.

Trumbull Laboratories LLC will serve as the building’s anchor tenant, occupying the entire second floor and a small piece of the first floor. The company should be operating in the building by the end of the month, Jarratt said.

MEDICAL CENTRAL: Trumbull Laboratories LLC will lease more than half of the 44,000-square-foot Wolf River Medical Arts Facility.

Now Jarratt and Ford – who also own the eponymous Ford Jarratt Realty and Development Co. – are looking to lease the remaining 21,000 square feet of the building. The address alone could entice tenants for the remaining space, but Jarratt said that’s not the only benefit the partners are touting.

“The main thing that would be most attractive to someone is location – it is a draw for a number of the doctors on that area,” Jarratt said. “Beyond that, we’ve got ground floor space that’s easily accessible for any of their patients. And you’re looking at a truly Class A building. That’s as high-quality building as has been built out there.”

The building, designed by The Crump Firm Inc. and built by Grinder, Taber and Grinder Inc., was set up for medical use, but Jarratt said there’s no restriction on the type or number of tenants that end up there, as the remaining space can accommodate one or more users.

“We’d love to lease the entire floor for one use, but that’s probably not going to be the case,” Jarratt said. “It will more than likely be subdivided and be multiple tenants.”

More on the way

The Wolf River Medical Arts Facility isn’t the only new product coming online in the area. Wolf Trail Medical Partners recently started construction on a $2.7 million, two-story, 10,800-square-foot medical building on Wolf Trail Cove nearby.

The building will be a duplicate of the company’s first medical office in the development, which is 100 percent leased by a single tenant, Women’s Health Specialists.

That property is just off Germantown Parkway, a block north of Wolf River Boulevard, and the new building will be next to the existing one, fronting Wolf Trail Cove and visible from Germantown Parkway.

Mark Johnson, principal of Wolf Trail Medical Partners and Mark C. Johnson Commercial Realty, echoed the sentiment that the area is perfect for doctors or other medical professionals looking for access to the hospitals.

“The majority of doctors visit both Baptist and Methodist (Le Bonheur Germantown Hospital), and they want that location, period,” Johnson said earlier this month. “It’s just the crème de la crème of medical locations.”

Despite the competition of space, Cypress Realty is considering when to build on Wolf River Medical Arts Facility’s adjoining lot. That eventually will be a 32,000-square-foot “sister” building to the one about to open.

It already has been approved by the city of Germantown, Jarratt said, but the company won’t start speculative development in the market.

He and Ford plan to lease the first property before considering the second project.

“We obviously want to get a couple of more tenants in that building before we break ground on the next building,” Jarratt said.