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50,000-SF Medical Office Building Planned

HOUSTON-A group of doctors with the ability to quickly close the $1.1-million deal acquire 4.9 acres with freeway frontage in the Memorial Drive area. Fifteen others had offers on the table when the deal swung their way.

By Jennifer Brenner Andrade | Updated on January 21, 2004

HOUSTON-A group of doctors has jumpstarted a plan to build a 50,000-sf medical office building, spending nearly $1.1 million in cash for 4.9 acres in the 200 block of West Sam Houston Parkway.

The doctors intend to occupy 15,000 sf to 20,000 sf of the building and lease the balance to other medical tenants, Bill Forrest, senior adviser in Houston for Sperry Van Ness, tells GlobeSt.com. He says the seller, Pete Terpstra of Houston, is a local land investor who paid the Resolution Trust Corp. less than $300,000 in 1991 for the land in a plan to sit tight until it was the right time to sell. With the deal done, Forrest is now looking for replacement property so the seller can complete a 1031 Exchange.

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