Lincoln Property Company and PGIM Acquire 103,000-SF Medical Office Portfolio in North Texas

DALLAS — Sept. 10, 2026 — Lincoln Property Company and PGIM have acquired two Class A outpatient medical office buildings in the Dallas-Fort Worth Metroplex totaling 103,000 square feet, the firms announced Wednesday, expanding a partnership that has been building a healthcare real estate footprint across North Texas.

The portfolio comprises 17051 N. Dallas Parkway in Addison and the Rayzor Ranch Medical Building in Denton, acquired through separate transactions. Collectively, the properties are 84% leased to a tenant roster that includes Texas Health Resources, Methodist Health System, and physician groups specializing in outpatient surgery, primary care, orthopedics, neurosurgery, pain management, gastroenterology, dermatology, ophthalmology, mammography, and behavioral health.

Portfolio Properties and Positioning

The Addison asset, known as North Dallas Medical Pavilion, sits at 17051 North Dallas Parkway along the Dallas North Tollway. The four-story, approximately 80,000-square-foot building was constructed in 2013 and is located on the campus of Methodist Hospital for Surgery, providing direct adjacency to acute care and surgical services. The property is Class A medical office and carries tenancy from both Texas Health Resources and Methodist Health System, among other specialty physician groups.

The Rayzor Ranch Medical Building in Denton is a multi-tenant Class A outpatient facility positioned adjacent to acute care and surgical hospital campuses in one of the Metroplex's faster-growing northern corridors. Together, the two buildings account for the 103,000-square-foot total disclosed by the firms.

Both properties are situated within established healthcare nodes along high-growth corridors in the Dallas-Fort Worth Metroplex, with immediate proximity to health system campuses — a location profile that institutional investors in the medical office sector have increasingly prioritized.

What the Principals Said

Brian Bacharach, Executive Vice President at Lincoln Property Company, said the transactions offered a concentrated opportunity to add scale in a market where the firm already operates.

"These acquisitions aligned and provided a unique opportunity for us to acquire two best-in-class medical properties in North Texas," Bacharach said. "As a Dallas-based investor and operator of outpatient medical facilities, we are committed to investing in high-quality healthcare real estate and supporting leading healthcare providers across the region."

Alastair Barnes, Vice President at Lincoln, pointed to the assets' health-system affiliations and the firms' broader investment strategy as factors underpinning the deals.

"These two outpatient medical buildings reflect our continued conviction in Class A, outpatient medical real estate in high-growth markets like Dallas-Fort Worth," Barnes said. "These assets are well-located with strong health-system affiliations, and they demonstrate our ability to consistently invest and operate across the risk spectrum as we continue to expand our partnership with PGIM."

Soultana Reigle, Head of U.S. Equity for PGIM's Real Estate investment group, cited Dallas-Fort Worth's population growth and healthcare demand as central to the investment thesis.

"Dallas-Fort Worth continues to demonstrate the fundamentals we look for in outpatient medical real estate, including strong population growth, expanding healthcare demand and proximity to leading health systems," Reigle said. "These acquisitions are consistent with our strategy of investing in high-quality medical outpatient assets in markets where durable demand drivers and well-positioned providers can support resilient income over the long term."

Market Context: DFW Medical Office Demand

The Dallas-Fort Worth medical office market has drawn sustained institutional interest, characterized by high occupancy rates — generally around 90% for the sector — rising rents, and investor appetite for healthcare-anchored assets viewed as defensive income plays. Average cap rates for medical office sales in the DFW market have been running near 6.4%, with average pricing around $325 per square foot for Class A product. The Addison property carries available suites in the 1,773- to 10,631-square-foot range, reflecting spec suites and second-generation medical build-outs available for lease.

On-campus and near-campus medical office buildings — those with direct adjacency to hospital and surgical campuses, as both acquired properties have — command particular attention from institutional buyers because health-system-affiliated tenants tend to generate stable, long-duration occupancy. The tenant mix across the two properties, spanning more than a dozen clinical specialties, reflects the diversified outpatient care model that has become a standard feature of institutional medical office portfolios.

Lincoln-PGIM Healthcare Platform

Lincoln Property Company describes the acquisitions as adding scale to its national healthcare investment platform in North Texas. The firm, headquartered in Dallas, manages and leases more than 720 million square feet of commercial space on behalf of institutional clients across a range of asset types.

PGIM, the global investment management business of Prudential Financial Inc., manages $217 billion in gross real estate assets under management and administration through its Real Estate investment group, with professionals in more than 30 cities worldwide. PGIM manages $1.5 trillion in total assets under management across public and private asset classes.

Sources

Lincoln Property Company — Lincoln and PGIM Expand North Texas Healthcare Footprint with Dual Medical Office Acquisition (Sept. 10, 2026)