Acquisition of five-building, 505,000 square foot office park reaffirms the company’s long-standing commitment to healthcare in the Greater Houston area
Norvin Healthcare Properties closed Jan. 19, 2018, on the acquisition of the Pin Oak complex in Bellaire, Texas, reaffirming the company’s 20-year commitment to serving the healthcare community in Greater Houston.
With the acquisition of the five-building, 505,000 square foot Pin Oak Portfolio, Norvin now owns 12 healthcare properties totaling more than 1.2 million square feet in Greater Houston, including in the Texas Medical Center and elsewhere in Houston.
“Pin Oak is a prominent, mixed-use complex in Bellaire, exceptionally well located at the corner of ‘Main & Main,’” explains Norvin President Norman Livingston.
“It’s a first class local landmark that offers health systems, physician practice groups and office tenants a high-quality asset, conveniently located to where they live, work and play. And the complex offers free visitor parking and quick access to several highways.”
Norvin intends to make significant capital improvements to the property with an immediate focus on state-of-the-art mechanical systems, comprehensive upgrades to the parking garages, cosmetic enhancements throughout and superior tenant amenities.
The Office at Pin Oak Park is a five-building medical and office complex on the 610 West Loop in Bellaire, Texas, about 3.5 miles east of the Texas Medical Center.
Pin Oak Portfolio Acquisition, Bellaire
The Pin Oak Portfolio includes the buildings at 6700 West Loop South, 6750 West Loop South, 6800 West Loop South, 4710 Bellaire Blvd. and 4747 Bellaire Blvd., as well as two parking garages.
“The Pin Oak complex has consistently enjoyed an occupancy rate of more than 90 percent over the years and was 93 percent occupied at the time of the acquisition, demonstrating its enduring popularity among tenants,” Mr. Livingston says. “The buildings house a large, diverse mix of high-quality medical and office tenants.”
Some of the major tenants in the complex include Frost Bank, UT Physicians, Memorial Hermann Health System, Methodist Hospital, Texas Children’s Hospital, Kindred Healthcare and McGovern Allergy and Asthma Clinic PA.
Brandy Bellow Spinks, First Vice President with CBRE, which is handling the leasing of the Pin Oak buildings, says that while the properties had been well maintained by the previous owner, Norvin’s planned capital upgrades will be a game-changer for the complex.
“Norvin intends to undertake a complete makeover for Pin Oak which will significantly improve the tenant experience” says Ms. Bellow Spinks. “This includes renovation of common areas, building lobbies, outdoor plazas, parking garages, roofs, and building and life safety systems.”
For more information about leasing at the Pin Oak complex, please contact Brandy Bellow Spinks for medical space at 713-577-1642 or brandy.bellow@cbre.com, and Warren Savery, Senior Vice President, for office space at 713-577-1848 or warren.savery@cbre.com.
Sugar Land Medical Pavilion Acquisition, Sugar Land
Norvin also recently acquired the 90,150 square foot, three building, multi-tenant Sugar Creek Health Center at 14815-14897 Southwest Freeway in Sugar Land. That transaction closed in October 2017.
Colleen Dougherty, Norvin Director of Finance, notes, “Like the Pin Oak Complex, Norvin is undertaking major capital upgrades to the property which will improve the overall tenant experience. Sugarcreek Health Center is ideally located adjacent to US Interstate 69 and Williams Trace Boulevard, in the affluent, rapidly growing Sugar Land suburb, just 20 miles southwest of downtown Houston. The properties are adjacent to high-end, master planned residential communities, within five miles of three hospital campuses and within two miles of a large regional mall.”
The Sugar Land complex houses a blend of primary care and specialty physician practice groups. Anchor tenants include Memorial Hermann Health System, the University of Texas Medical Branch, and Fort Bend Surgery Center of OakBend Health System.
About Norvin Healthcare Properties
Norvin is a private real estate investment and operating company with a nationwide focus on core and opportunistic investments in the healthcare sector. Norvin owns acute and post-acute care hospitals, clinical and diagnostic facilities and medical office buildings. Since its founding in 1998, Norvin has worked closely with health systems, operators and other constituents in the healthcare community. Norvin distinguishes itself by providing a deep understanding of and appreciation for the unique capital and real estate issues within the constantly evolving healthcare industry. The Norvin team combines extensive capital markets experience, real estate operating capabilities and financial agility to provide superior risk-adjusted returns on investments.
Norvin maintains strong landlord-tenant relationships with numerous health systems including Ascension, Catholic Health Initiatives, Hospital Corporation of America, Houston Methodist, Kindred Healthcare, MD Anderson Cancer Center, Memorial Hermann Health System, Mount Sinai Health System, NYU Medical, OakBend Medical Center, Seton Health System, Texas A&M Medical School, Texas Children’s Hospital, UT Physicians, The University of Texas Medical Branch, LifeBridge Health, Frederick Memorial Hospital and many others. Norvin maintains offices in New York City and Houston. For more information, please visit www.norvin.com.
Norm Livingston
Corporate Headquarters:
805 Third Ave., 18th Floor
New York, NY 10022
(212) 755-7552
Regional Office:
6750 West Loop South, Suite 330
Houston, TX 77401
(713) 795-0962
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
