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.
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