CBRE
PIN OAK PARK
Five-Building Value Add Medical Campus Anchored by Multiple Health Systems
Memorial Hermann | Houston Methodist | Texas Children’s Hospital
LAND AREA: 11.885 ACRES
TOTAL SF: 505,106
OCCUPANCY: 78%
WALT: 4.0 YEARS
IN-PLACE NOI: $6,772,853
63% MEDICAL TENANCY (37% office)
26 MEDICAL SPECIALTIES
63 MEDICAL TENANTS
CBRE U.S. Healthcare & Life Sciences Capital Markets is pleased to exclusively offer the opportunity to acquire Pin Oak Park (the “Portfolio” or “Properties”), a 505,106 square foot complex comprised of five medical office buildings along the 610 West Loop in Houston in the affluent city of Bellaire, and strategically located 3.5 miles west of the Texas Medical Center (“TMC”). Over the past 12 years, Pin Oak Park has largely transitioned from an office park (30% medical/70% office) to a medical campus (63% medical/37% office). Pin Oak’s desirable location, recent major capital improvements and competitive healthcare rents has enabled the property to achieve a current 63% healthcare tenancy that is trending towards becoming fully medical as existing office leases expire. The Portfolio is tenanted by several of Houston’s major health providers and practices, including Memorial Hermann Health System (Moody’s: A1), Houston Methodist (Moody’s: Aa3), Texas Children’s Hospital (Moody’s: Aa2), McGovern Allergy Clinic and a new 23,387 square foot expansion with Houston’s largest dermatology-focused surgery center signed through December of 2035. During the past five years, ownership has invested over $10 million in capital improvements, including new elevators, roofs, lobbies, surface and parking garage upgrades, HVAC, valet parking (commencing with DermSurg occupancy), 24-hour security, after-hours card key access, and a campus rebranding.
The campus presents excellent freeway visibility and building signage opportunities along Interstate 610 and Bellaire Boulevard, providing easy access to the largest medical center in the world, Texas Medical Center. Featuring 50 million of developed square feet with 9,200 beds, TMC hosts world renowned healthcare institutions such as Memorial Hermann, UT Health, Baylor College of Medicine, and MD Anderson Cancer Center. Prospective tenants have circled Bellaire as a target submarket due to its leading demographics, superb local amenities, and direct connectivity to Houston’s premier destinations.
Pin Oak Park is being offered for sale as a portfolio, with the option of bidding on the north or south campuses separately. Assumable debt details on the north campus are summarized in the offering memorandum. The south campus will be delivered free and clear of debt.
• Opportunity to Complete MOB Conversion
• Diverse Tenant Mix Anchored by Three Dominant Health Systems
• Affluent Bellaire Location Along 610 West Loop
• Significant Recent Capital Expenditures
• Direct Access to World-Renowned Texas Medical Center
• Below Replacement Cost with Multiple Exit Strategies
• Favorable In-Place Assumable Loan Terms
• Robust Population Growth & Favorable Demographic Profile
CBRE U.S. Healthcare & Life Sciences
CAPITAL MARKETS
Lee Asher
+1 404 504 5965
lee.asher@cbre.com
Jordan Selbiger
+1 404 923 1259
jordan.selbiger@cbre.com
Chris Bodnar
+1 720 635 2653
chris.bodnar@cbre.com
Trent Jemmett
+1 858 646 4740
trent.jemmett@cbre.com
Cole Reethof
+1 404 504 7864
cole.reethof@cbre.com
DEBT & STRUCTURED FINANCE
Zack Holderman
+1 858 337 9412
zack.holderman@cbre.com
CBRE Houston
HEALTHCARE ADVISORY & TRANSACTION SERVICES
Brandy Bellow Spinks
+1 713 577 1600
brandy.bellow@cbre.com
Scott Carter
+1 713 577 1882
scott.carter@cbre.com
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
