Medical, surgical development set for MacArthur office park

Finalist - Dallas Business Journal's Best Medical Project

Finalist - City of Irving Annual Proud Partners Award

10:49 PM CDT on Thursday, June 3, 2004

By STEVE BROWN / The Dallas Morning News

Developers have converted an Irving office and retail center into a medical condominium complex. PRG Realty Investors bought the nine-building MacArthur Commons project just south of Las Colinas. The 12-acre complex at 3501 MacArthur Blvd. was built in the late 1960s as a movie theater, shops and garden office space.

After extensive remodeling, the buildings contain a surgery center and office condominiums for physicians, said Mark Robertson, PRG's principal. "I think it's a great location – six blocks south of the Four Seasons at Las Colinas," Mr. Robertson said. "The Irving performing arts center is right next door."

The 120,000-square-foot project has a new exterior, and refurbished interior. PRG is doing the project with Dr. Thomas Diaz, a physician who specializes in treatment of obesity, integrative and preventive medicine. Dr. Diaz is a medical adviser for Dr. Phil McGraw and co-wrote a book with the television doctor.

Currently the project is over 20% sold and physicians have committed to more than half of the property, Mr. Robertson said. "Doctors are closing their purchases of the condominiums as soon as possible to get the best interest rates,".

The MacArthur Commons project was built by Dallas' Carpenter family, which also developed the nearby Las Colinas community.

PRG Realty Investors, a 2-year-old commercial real estate company, is also developing a medical building on the former site of the Il Sorrento restaurant in North Dallas. Work on that is set to begin late this year.

"These projects are turning out to be ... [two] of the most rewarding things we've ever done," Mr. Robertson said.