(May 6, 2019 – Houston) – Transwestern Commercial Services (TCS) today announces it brokered the sale of Northwest Medical Plaza I and III in Houston. The properties, totaling 138,373 square feet, were purchased for an undisclosed amount by Dallas-based Altera Development Company LLC.
TCS Executive Vice President Justin Brasell, Vice President Sarah Carter and Senior Associate Brooks Creech provided investment sales services on behalf of the seller, a joint venture between Houston-based i3 Interests and New York-based Atlas Real Estate Partners. TCS will continue to provide leasing and property management services for the buildings at 800 Peakwood Drive and 17045 Edwards St. in Houston’s Near North submarket.
“While we work in many different areas of real estate, true value-add, on-campus medical office buildings are our focus,” said Eddie Tillman, Principal with Altera. “These properties, coupled with HCA’s plans for the hospital, won us over.”
The buildings have connectivity to HCA’s newly acquired Houston Northwest Hospital via skybridge. HCA is the largest healthcare system in Houston. The health system purchased the hospital from Tenet last year and is in the process of infusing capital and investing money in that location.
“Altera understands healthcare real estate and will continue to invest significant capital into the buildings, creating the most desirable medical office in the submarket in both quality and location,” said Brasell. “Additionally, ownership has begun investing in speculative suites, which provide convenient solutions for users that require proximity to the hospital and immediate time to market.”
The TCS Healthcare Advisory Services team has grown to become the country’s largest dedicated healthcare real estate team, operating from 19 cities and including more than 145 members. The team provides a full range of services, including project management and construction services, property management, leasing, tenant advisory, and investment for hospitals, healthcare networks, physicians and investors.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
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