Transwestern Buys Houston Office Asset
- Oct 05, 2018
Transwestern Investment Group and Virtus Real Estate Capital have acquired a 114,413-square-foot office property in Houston from The D’Agostino Cos. The new ownership plans to reposition the asset as a medical office building and rebrand it as Greenhouse Medical Plaza. According to Yardi Matrix, Veritex Community Bank provided $19.7 million in acquisition financing to facilitate the deal.
Located at 2051 S. Greenhouse Road, the 2014-built asset will undergo improvements to facilitate advanced medical practices. Planned upgrades include the development of a surgical center and a covered carport drop-off for patients. Additionally, the three-story building will be equipped with redundant power.
Transwestern Executive Vice President Justin Brasell and Senior Leasing Associate Christian Powell will continue to provide leasing services, while Transwestern General Manager Cindy Niles and Senior Vice President John Wheeler will lead the property management team at Greenhouse Medical Plaza. Brasell worked on behalf of the buyer in the transaction, while JLL Senior Vice President Kevin McConn, Managing Director Rudy Hubbard and Vice President Rick Goings represented the seller.
“This asset is ideally suited for medical use and will be best-in-class due to its efficient layout, abundance of natural light, high parking ratio and proximity to the west campuses of Houston Methodist Hospital and Texas Children’s Hospital as well as Memorial Hermann West,” said Blake Williams, managing director at Transwestern Investment Group, in prepared remarks.
Image courtesy of Yardi Matrix