News Release
Colliers International announces the sale of Mason Creek Medical Office Building in Katy, Texas
Medical Office Sale
Houston, August 4, 2020 – Colliers is pleased to announce the sale of Mason Creek MOB, a newly constructed, state-of-the-art 30,000 square foot medical office building (MOB) situated on 3.89 acres at 21820 Katy Freeway in the Katy/Grand Parkway West submarket of Houston. The building is 100% leased and occupied by two premier medical tenants: Village Family Practice, LLP and Memorial MRI & Diagnostics, LLC, each under 15 year leases. The buyer was MMAC Acquisition Corporation, aka Montecito Medical Real Estate. Beth Young and Bob Parsley of Colliers International represented the seller, RK-VFP I, LLC, aka Read King, in the transaction.
“We are excited to acquire a prime medical office asset that has it all like Mason Creek,” said Chip Conk, CEO of Montecito. “We and Colliers make a great team, and we look forward to many more deals with them.”
“This exciting development was a confluence of Read King’s continued expansion into both the medical development space, as well as the user-driven build to suit initiative that has been, and continues to be, the primary focus of our Front Row subsidiary,” said Blake Allen, CFO of Read King. “We were very blessed to have worked with such well-established medical providers in Village MD and Memorial MRI & Diagnostics. These two groups trusted in us to deliver a best-in-class building, in a very prominent location along the Katy Freeway. We look forward to our continued role managing the property for the new owner, Montecito. Beth Young, with Colliers International Houston, and her team did an outstanding job identifying the most qualified buyers and ushering us through the transaction. We are very pleased to have reached a successful conclusion and look forward to building upon our newly established relationship with Montecito. We would also like to acknowledge the instrumental role played by Garett Hagendorf at Independent Bank, who provided the development loan for this project and whose support helped make this project possible.”
Located on the highly visible corner of I-10 and Mason Road in the middle of the growing medical community in Katy, Mason Creek MOB is surrounded by numerous top-rated health systems that have recently opened large multi-building hospital campuses within four miles. These include Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.
The medical office sector in this submarket delivered approximately 80,000 square feet of new inventory over the last 12 months.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
For further information, please contact:
Beth Young, Senior Vice President
Houston, Colliers International
Phone: +1 713 830 2166
Email: beth.young@colliers.com
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