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TIC Group Takes 85,471-SF Medical Office Building

HOUSTON-Ashforth Paradigm Capital Advisors, marking its first buy in the region, closes an off-market deal with the Cirrus Group. The new owner, eyeing the upside in a 77% vacancy, hires Colliers International to lease the class A office building.

By Jennifer D. Duell | Updated on December 07, 2004

HOUSTON-Ashforth Paradigm Capital Advisors, a partnership between Stamford, CT-based Ashforth Co. and Boston-based Paradigm Properties LLC, has acquired 7007 North Freeway in an off-market deal for a dozen 1031 exchange investors.

“I like the building because there’s upside in the leasing,” says Steve Allison, Ashforth Paradigm Capital Advisors’ chief investment officer. “And, in my estimation, it’s the nicest medical office building in the market. It’s well positioned and is poised to do well.” He tells GlobeSt.com that Dallas-based Cirrus Group turned to the partnership to pick up the deal after a contract fell out for the 85,471-sf, class A medical office building.

The four-story structure, built in 1999-2000, is 77% occupied by 19 medical groups, including lab services and on-site pharmacy. Major tenants include Medical Plaza Surgical Center, a 13,116-sf outpatient surgical center that recently signed a 10-year lease; Texas Orthopedic & Aquatic Therapy Institute, a full-service physical medicine and rehab facility taking up 7,048 sf; and North I-45 Open MRI and Diagnostic Center LLP, an imaging and diagnostic facility occupying 5,889 sf.

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