Medical Office Building Sells In Sugar Land
A medical office building changed hands in Sugar Land.
An undisclosed buyer acquired Town Center Medical, a 30K SF medical office building at 16545 Southwest Freeway. The Class-A property is adjacent to Houston Methodist Sugar Land Hospital, a 319-bed general acute care hospital specializing in cardiology, oncology, sports medicine and women’s care.
Built in 2008, Town Center Medical is fully leased. ENT and Allergy, an ear, nose and throat group, serves as the anchor tenant.
“The Town Center Medical disposition highlights the robust demand for stabilized, on-campus medical office buildings in the Houston Metro area,” Transwestern Commercial Services' Robby Winston said. “Sophisticated healthcare real estate investors continue to be optimistic about long-term yields from core medical office assets.”
Houston Specialists Alliance Ltd. purchased the land in 2006 from Town Center Lakeside Ltd. for $750K, according to Reonomy. The assessed land value now is $1.3M while the total assessed value of the property is $5.3M, according to Reonomy.
Winston, along with Eric Johnson, Lisa Bovermann and Brooks Creech, represented the seller. TCS Houston has executed 522 healthcare transactions during the last 24 months and manages a healthcare portfolio of 69 properties totaling more than 5M SF.