Texas Children’s Hospital Medical Office Building sells to Healthcare Trust, Inc.
Avison Young announced today that it has negotiated the sale of the Texas Children’s Hospital Medical Office Building, a 25,000-square-foot, Class A multi-tenant medical building at 5650 East Sam Houston Parkway North on the east side of Houston, TX.
Avison Young Principals Mike Wilson, Erik Foster, Jim Kornick and Chip Ryan, members of the firm’s National Healthcare Capital Markets Group, along with Avison Young Principal Darrell Betts in the Houston office, represented the owner, an affiliate of Stage Equity Partners, a real estate investment firm based in Skokie, IL.
The buyer was Healthcare Trust, Inc., based in New York. Financial terms were not disclosed.
“Investors continue to focus on well located medical office assets that are aligned with major healthcare systems,” Wilson comments. “This property’s strong anchor with Texas Children’s as well as its highway frontage and surrounding retail were very attractive drivers.”
The building is 100% occupied by several established medical practices, including Texas Children’s Pediatrics, the largest pediatric group in the nation, Houston Eye Associates, the largest ophthalmology clinic in the nation, and the balance by tenants offering pediatric allergy medicine, MRI and radiology, and dentistry.
The single-story building was built in 2007. The location is highly visible from the Sam Houston Beltway and offers proximity to a rapidly growing population.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing, and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
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