Medical Properties has bought the property at 425 Holderrieth St. in Tomball, northwest of Houston. Medical Properties has identified Houston as a key market, but also is negotiating on at least 20 other properties statewide, Wayne Buck, co-founder, COO and president, told GlobeSt.com.
"In the Texas health-care real estate marketplace, the number of sellers far exceeds the number of buyers," Buck says. "Various factors, including fraud and abuse concerns, along with the poor performance of health-care real estate and REITs, are causing owners to sell medical office buildings." The company has added a Houston-based property manager, Tom Brummett, to its staff to better manage the growing Texas asset base.
The privately held Medical Properties of America has just received a commitment of up to $100 million of equity from New York-based Reckson Strategic Venture Partners LLC for acquisitions and development of $500 million in properties.
The Tomball Professional Atrium is fully leased. Buck says the hospital submarket, coupled with the fact that it's the sole medical provider for the community, makes it a near-perfect purchase. The Tomball property has been acquired at an attractive 10.5% rate plus capitalization from Los Angeles institutional investor Koll Bren Schrieber from the K/B IV Fund. PM Realty Group represented the seller in the transaction. GE Capital Real Estate will provide permanent financing.
Medical Properties is in business to acquire, own, manage and selectively develop health-care real estate for leasing to providers, Buck says. The focus is on specialty facilities, including medical office buildings, outpatient surgery centers, physician clinics, ambulatory medical centers and dialysis clinics.
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