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Dallas-based Altera Development Co. purchased Northwest Medical Plaza I and III in Houston, according to a release by Transwestern Commercial Services. The portfolio is composed of two medical office buildings at 800 Peakwood Drive and 17045 Edwards St., totaling 138K SF. The price was not disclosed.
Transwestern's Justin Brasell, Sarah Carter and Brooks Creech represented the seller, a joint venture between Houston-based i3 Interests and New York-based Atlas Real Estate Partners.
“Altera understands healthcare real estate and will continue to invest significant capital into the buildings, creating the most desirable medical office in the submarket in both quality and location,” Brasell said in the release. “Additionally, ownership has begun investing in speculative suites, which provide convenient solutions for users that require proximity to the hospital and immediate time to market.”
The buildings are connected via skybridge to HCA's Houston Northwest Hospital. In 2017, HCA purchased four hospitals to become the largest healthcare system in Houston, according to the Houston Business Journal. Transwestern will retain leasing and property management services for the portfolio.
“While we work in many different areas of real estate, true value-add, on-campus medical office buildings are our focus,” Altera principal Eddie Tillman said. “These properties, coupled with HCA’s plans for the hospital, won us over.”
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