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DALLAS — A joint venture between Irvine, Calif.-based Passco Companies Development and Seneca Development has acquired a site located at 12230 Coit Rd. in Dallas in a $1.3 million transaction. The joint venture plans to raze the vacant building currently on the property to make way for a new, Class A, medical office building. Construction will consist of a two-story, 31,964-square-foot building and a small parking structure. The new building will be situated in close proximity to Medical City, a large regional hospital located in north Dallas. The joint venture was represented by DM Realty Inc. in the land transaction. The seller, Tri-Con Coit, was represented by Dallas-based The John Bowles Company.