Principal Asset Management has completed its third acquisition in the U.S. for its SCPI Principal Inside, continuing the deployment of the fund’s transatlantic real estate investment strategy.
Building on earlier acquisitions in Florida and Texas at the end of last year, Principal Inside has acquired a health care asset in Plano, Texas, within the rapidly growing Dallas-Fort Worth metro area. The transaction was completed for a net seller price of $15.6 million, offering an initial gross yield of 7.9 percent.
The asset offers a total area of approximately 3,605 square meters, or 38,800 square feet. Originally constructed in 1996 as a senior living residence, the building is currently undergoing a renovation to support its use as a specialized addiction treatment center.
The property is fully leased to Guardian Recovery, a national operator of addiction treatment facilities, with a network of 17 centers across six U.S. states. The tenant is already operating on
