NewQuest Properties Adds Healthcare, Wellness Real Estate Division
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NewQuest Properties is expanding to provide healthcare and wellness real estate services, the Houston-based firm said in a news release. The new healthcare group will cater to demand from the retailization of the medical industry and a nationwide push to close the gap between patient care and communities.
To date, NewQuest has completed 1.5M SF of medical-related transactions, per the release.
For the healthcare group's first project, NewQuest will redevelop and expand the 150-acre HCA Houston Healthcare Tomball campus. The proposed redesign features a new fitness facility, retail, restaurants and medical office space to better serve the rapidly growing northwestern submarket, the release said.
NewQuest Vice President Ashley Strickland will lead the healthcare group, along with Associate Nick Ramsey, Managing Partner Jeff Hayes and other professionals from the tenant representation, development and land teams.
"The 'retailization' of healthcare is here," Strickland said in the release. "As we are seeing, the delivery model is shifting toward convenience-based care. There is a need and an expectation for medical care closer to home. Retail and mixed-use projects have become the preferred option in high-growth markets like Houston."
Prior to the official launch, Strickland represented Village MD Houston in moving its headquarters to the top floor of Carmel Park Office Building at 9235 Katy Freeway in Hedwig Village.
She also secured a deal with a senior living group for a 9-acre tract in NewQuest's Creekside Town Center in New Braunfels. The 400-acre development includes a 56-acre Resolute Health Wellness Campus with a 362K SF hospital, a 73K SF medical office building, a 21K SF fitness center, 13K SF of retail, several restaurants, a theater and multifamily units. There is enough land to develop another 750K SF and a hotel.
"We are working with several senior living groups to open communities and facilities, including memory care, in Houston and select areas of Texas to meet the high demand of the 'Baby Boomer' generation," Strickland said. "Regionally, we are underserved in terms of senior care. It is my hope we can help bridge the gap."
The healthcare group will be responsible for expanding the company's existing healthcare portfolio, representing providers and identifying and implementing real estate solutions for developers and investors.