MedProperties Adds Houston-Area MOB to Portfolio

Medical Center of Tomball. Image courtesy of MedProperties Realty Advisors

MedProperties Realty Advisors has acquired Medical Center of Tomball, a 61,660-square-foot newly constructed medical office building in Tomball, Texas. Bryant + Stacy Group sold the Class A asset.

The buyer financed the purchase with a $24.6 million loan, Harris County records show. Siemens Financial Services served as administrative agent for the lenders.

The transaction represents MedProperties’ second acquisition through its Fund IV in the last two months and the fourth investment through the fund since its launch last fall. Since its inception, the firm has developed and acquired more than 4 million square feet of health-care real estate and has a portfolio valued at $1.2 billion.

Class A facility near a medical cluster

Bryant + Stacy Group broke ground on the three-story facility in 2021, in partnership with Global Healthcare Partners. The development team included Arch-Con Corp. as general contractor and Browne McGregor Architects. BOKF Bank provided a construction loan of $16.4 million for the project in 2020, according to CommercialEdge data.

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The property was 92 percent leased at the time of sale; its anchor tenants, Village MD and Memorial MRI, occupy 50 percent of the rentable space under long-term leases. Services provided include primary care, MRI and diagnostic imaging, orthopedics, gastroenterology, nephrology, pain management and behavioral health.

The facility at 155 School St. is near the newly expanded Tomball Tollway, 33 miles from downtown Houston. The property is close to a variety of medical centers such as HCA Houston Healthcare Tomball, Gastroenterology Diagnostic Center, Texas Orthopaedic & Sports Medicine and Millennium Physicians Radiation & Diagnostic Center, among others.