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Cottonwood Partners and Rockwall Hospitals Announce Land Acquired for Sunnyvale, Texas' First Hospital

Posted on: Monday, 18 February 2008, 15:00 CST

Cottonwood Partners and Rockwall Hospitals, Inc. announced today that land has been purchased and plans are under way for Texas Regional Medical Center at Sunnyvale, which will be the growing town's first hospital when it opens in Spring 2009. Construction of the 117,000-square-foot general acute-care hospital, estimated to have a total cost of $68 million, is scheduled to begin in late February.

The sale of the land was completed Feb. 1, 2008. Mike Anderson, broker for B.J. Anderson Co., represented the seller, Rick Sheldon, a developer with Rick Sheldon Real Estate based in San Antonio, Texas. Cottonwood Partners represented itself, the 100 or so physicians who will own a controlling interest in the hospital, and Rockwall Hospitals, which will manage the hospital. Terms of the land deal were not disclosed.

"Texas Regional Medical Center at Sunnyvale has overwhelming support of area physicians, the Town of Sunnyvale, Texas, and local businesses," said Mike Lohner, president, Cottonwood Partners Capital Funding. "The planned medical center will provide physicians and their patient's state-of-the-art technology, including advanced clinical equipment, all-digital diagnostic imaging services and comprehensive information systems."

The hospital will be located on a 29-acre campus at 231 S. Collins Road, just south of Interstate 80. It will be licensed for 70 beds and will include 53 medical/surgical suites, six operating rooms, an emergency department with six treatment rooms, eight ICU beds and a women's center with labor-and-delivery suites and postpartum rooms.

Mark Kennedy, president and CEO of Rockwall Hospitals, said the hospital's site is positioned to serve a growing population within Sunnyvale and its surrounding communities. Sunnyvale is about 15 miles east of downtown Dallas and is a small, upscale Dallas County community of about 4,000 people, according to North Central Texas Council of Governments.

"The town has been helpful and supportive, and the physician support has been remarkable," Kennedy said. "We look forward to creating a high-quality health care delivery system, serving the market well into the future."

Cottonwood Partners, which has principal offices in Dallas and Salt Lake City, is the real estate developer on this project and has extensive experience and success in developing, acquiring, leasing and managing real estate in markets throughout the United States.

Richardson, Texas-based Rockwall Hospitals, Inc., an affiliate of Cottonwood Partners, is a full-service hospital management company, which implements, organizes and manages all phases of a hospital project.

Arlington, Texas-based Ascension Group Architects designed the hospital and will oversee the construction. Dallas, Texas-based Rogers-O'Brien Construction is the general contractor.

"The facility is first-rate architecturally, aesthetically and medically," said Rod Booze, managing principal of Ascension. "The tireless participation of all parties has resulted in a medical destination of choice for the caregivers, physicians, and clientele of Sunnyvale."

For more information about Texas Regional Medical Center at Sunnyvale, visit www.Rockhc.com or www.TexasRegionalMedicalCenter.com.

About Rockwall Hospitals, Inc.

Rockwall Hospitals, Inc. is based in Richardson, Texas, a suburb of Dallas, and began its hospital development and hospital management operations in 1999. Rockwall Hospitals, Inc. was formed to jointly develop, operate and own hospitals with physician partners. The company's team of health care experts has more than 100 years of cumulative hospital development experience as highly effective turnkey hospital designers and hospital management service providers for profitable health care ventures.

Rockwall Hospitals, Inc. exclusively and solely partners with physician owners in general acute care, physician-owned hospital projects. Rockwall Hospitals Inc. has created a successful model for physician-owned hospital projects, as well as professional hospital management services that optimize the impact of all stakeholders in the hospital projects it manages. Go to www.rockhc.com.

About Cottonwood Partners

Cottonwood Partners is a real estate investment, development, leasing, and management organization with principal offices in Dallas and Salt Lake City. The company invests its own capital along with capital from its pension fund, institutional and high net-worth individual clients. For more information about Cottonwood, visit www.cottonwoodpartners.com.

Source: Business Wire

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