NORVIN PARTNERS ACQUIRES REAL ESTATE, ARRANGES JOINT VENTURE OPERATOR
By John Mugford
Norvin Properties recently acquired this specialty hospital, Patients Medical Center, and its 13 acres of land near Houston. The facility is now operated by a joint venture of physician/owners and St. Luke’s Episcopal Health System.
Photo courtesy of Norvin Properties
In a deal put together by New York-based Norvin Properties and its managing partner and founder, Norman K. Livingston, Houston-based St. Luke’s Episcopal Health System recently acquired 51 percent of a new joint venture that is operating Patients Medical Center (PMC) in Pasadena, Texas.
In another aspect of the transaction, Norvin Properties acquired the real estate – the 117,000 square foot building and the 13 acres it sits on – for about $40 million, according to various news reports. The deal came together after the physician/owners of the 61-bed hospital approached Mr. Livingston in 2009 about possibly buying the facility.
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