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Commercial
Texas

Healthpeak Properties buys two Houston medical offices

Healthpeak buys properties next to Clear Lake Regional Center in Webster.

Webster (City of Webster) Medical Offices, Healthpeak
Webster (City of Webster)

Healthcare REIT Healthpeak Properties bought two medical office buildings in the Houston suburbs that are almost fully leased, for $43 million.

The firm closed on the properties, at 251 and 253 Medical Center Boulevard in Webster, in March, according to documents filed with the Securities and Exchange Commission. The portfolio, which spans 95,000 square feet, is currently 97 percent leased with clinical and life science tenants. The average remaining lease term for the portfolio is currently 7.5 years, the filing shows.

The seller is an entity called VREC II Lo Webster Mob Spe LP, which shares the same business address as Austin firm Virtus Real Estate Capital. The entity bought and started renovations on the portfolio in 2018.

The facility has since been designated as an affiliate hospital for Nashville firm HCA Healthcare. It will operate under the name HCA Clearlake, according to Healthpeak’s website.

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The properties sit adjacent to HCA Healthcare’s Clear Lake Regional Center, according to marketing materials from CBRE. The 595-bed hospital had recently gone through an expansion. HCA spent $92 million on the site, which involved the construction of a 154,470-square-foot hospital and renovations to a 79,940-square-foot facility called the Women’s and Children’s Center.

Healthpeak and HCA previously collaborated on a portion of the expansion project for the Woman’s Hospital of Texas campus. Plans for the site call for the construction of a five-story, 116,500-square-foot medical office building at 7500 Fannin Street, according to a previous article from the Houston Chronicle. The project is part of a master-planned expansion that includes the installation of a new hospital entrance to improve access to the site.

Healthpeak, previously known as HCP, Inc., has 59 properties in Texas, according to its website. Its portfolio includes HCA Houston Healthcare Medical Center at 1213 Hermann Drive in Houston and Medical City Hospital at 7777 Forest Lane in Dallas. The firm did not respond to a request for comment.

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Commercial Real Estate