Everest Snags $58M Medical Office Portfolio

The real estate company partnered with a major pension fund to acquire four properties in Sugar Land and Richmond, Texas.

Everest Medical Properties, in partnership with a pension fund, purchased four medical office assets near Houston for $58 million. The portfolio includes the Memorial Hermann Surgical Hospital and the Physicians Pavilion in Sugar Land, Texas, as well as the UT Physicians facilities in Sugar Land and Richmond, Texas. 

The Richmond Bone and Joint Clinic in Richmond, Texas
The Richmond Bone and Joint Clinic in Richmond, Texas

Memorial Hermann Healthcare System, the largest not-for-profit health system in Southeast Texas, features 12 hospitals and various specialty programs and services throughout the Greater Houston area. Memorial Hermann – Texas Medical Center is the primary teaching hospital for The University of Texas Health Science Center at Houston Medical School.

Fully leased properties

Roughly 147,000 square feet are currently 100 percent occupied, with a remaining term of almost seven years, and a majority of ongoing leases feature annual rent bumps.

The average household income in the area exceeds $100,000. There’s a 14 percent population growth projected through 2021.

Image courtesy of Everest Medical Properties