Pinecroft Realty Taps Transwestern to Lease MOB Portfolio
These four Class A properties are situated in the Houston area.
Transwestern Real Estate Services has been named exclusive leasing agent for a portfolio of four Class A Houston-area medical office buildings owned by Pinecroft Realty.
The buildings, which are located in the Texas cities of Sugar Land and South Houston, total 316,698 square feet. Transwestern’s Justin Davis, Christian Connell and Justin Brasell will handle leasing at the properties. The firm has prior experience leasing some of the assets, Brasell said in prepared remarks, noting that the properties offer move-in-ready clinical options for health-care tenants.
Imperial Medical Center, a 128,819-square-foot, two-story medical office campus, is the largest of the assets. Located directly off Highway 6 at 1111-1211 Highway 6 in Sugar Land, the property has multiple covered patient drop-off locations and no hospital restrictions. The site includes a 35,000-square-foot, move-in-ready surgical hospital with four operating rooms and six inpatient rooms, as well as full imaging capabilities for X-rays, MRIs and CTs. There are 21 leases associated with the property, according to CommercialEdge data. An approximately $21.2 million Capital One loan associated with the project matured earlier this month, the same data shows.
Located on the campus of St. Luke’s Health – Sugar Land Hospital’s campus, the 120,596-square-foot, five-story Sugar Land Medical Plaza is located off of Interstate 69 at 1327 Lake Pointe Parkway. The site, which also provides covered patient drop-off space, is 90 percent leased. Five lessees have contracts for space at the property, according to CommercialEdge data. A $21 million Siemens Financial Services loan associated with the project matures in July 2024.
The other two properties, Patients Medical Office Building and Crenshaw Medical Office Building, are 48,741- and 10,512-square-foot facilities, respectively. Both buildings are located in Pasadena, Texas. The two-story Patients building is located off Beltway 8 at 4500 E. Sam Houston Parkway S. and is 81 percent leased, while the Crenshaw building, located at 5044 Crenshaw Road, is 83 percent leased.
There are five active leases associated with the Patients building, as well as a $15.2 million Capital One loan, which matures in December 2024.
MedProperties Realty Advisors recently acquired Medical Center of Tomball, a 61,660-square-foot Class A medical office building in the Houston area, from Bryant + Stacy Group.