15035 Southwest Freeway, Sugar Land (courtesy of Everest)
A partnership of Scottsdale, Ariz.-based Everest Medical Properties and an undisclosed pension fund, with Everest acting as strategic adviser, has acquired four fully-leased Greater Houston office properties, for $58 million.
The portfolio includes three Sugar Land and one Richmond office properties—the Memorial Hermann Sugar Land Surgical Hospital at 16902 Southwest Freeway, the adjacent Sugar Land Physicians Pavilion at 16902 Southwest Freeway and the UT Physicians locations at 15035 Southwest Freeway in Sugar Land and 1517 Thompson Road in Richmond.
16902 Southwest Freeway (courtesy of Everest)
According to Chron, this is Everest’s first Houston market acquisition. CEO of Everest Medical Properties David Lynn, PhD stated: “We are excited to enter into this transaction. We believe these assets, with their strong tenancy and strategic locations, are an excellent addition to our portfolio of assets under management.”
Among the key advantages of the deal are that the four medical office buildings include a state-of-the-art surgical hospital and an outpatient surgery center. Furthermore, the leases that are in place have an average 6.7 years remaining and feature annual rent increases.
The portfolio is located in an area where the average household income exceeds $100,000 and the population is expected to grow by 14%, through 2021.
Memorial Hermann Surgical Hospital (via official Facebook page)
