Medical Heart of Tomball. Picture courtesy of MedProperties Realty Advisors
MedProperties Realty Advisors has acquired Medical Heart of Tomball, a 61,660-square-foot newly constructed medical workplace constructing in Tomball, Texas. Bryant + Stacy Group bought the Class A asset.
The customer financed the acquisition with a $24.6 million mortgage, Harris County information present. Siemens Monetary Providers served as administrative agent for the lenders.
The transaction represents MedProperties’ second acquisition via its Fund IV within the final two months and the fourth funding via the fund since its launch final fall. Since its inception, the agency has developed and purchased greater than 4 million sq. ft of health-care actual property and has a portfolio valued at $1.2 billion.
Class A facility close to a medical cluster
Bryant + Stacy Group broke floor on the three-story facility in 2021, in partnership with World Healthcare Companions. The event workforce included Arch-Con Corp. as common contractor and Browne McGregor Architects. BOKF Financial institution supplied a development mortgage of $16.4 million for the venture in 2020, based on CommercialEdge knowledge.
READ ALSO: Why MOBs Supply Wholesome Investor Attraction
The property was 92 p.c leased on the time of sale; its anchor tenants, Village MD and Memorial MRI, occupy 50 p.c of the rentable area below long-term leases. Providers supplied embrace main care, MRI and diagnostic imaging, orthopedics, gastroenterology, nephrology, ache administration and behavioral well being.
The ability at 155 Faculty St. is close to the newly expanded Tomball Tollway, 33 miles from downtown Houston. The property is near a wide range of medical facilities comparable to HCA Houston Healthcare Tomball, Gastroenterology Diagnostic Heart, Texas Orthopaedic & Sports activities Medication and Millennium Physicians Radiation & Diagnostic Heart, amongst others.
