Woodside Health Picks Up Houston-Area Plaza
- Nov 22, 2019
Woodside Health has acquired Fairfield Plaza, a five-building medical office and retail property in Cypress, Texas. According to Harris County records, Radler Enterprises sold the 83,000-square-foot, HCA Healthcare-anchored property, while Independent Bank provided $19.2 million in acquisition financing. The loan bears a 5-year term.
Radler Enterprises completed the shell construction of Fairfield Plaza in 2013. Located at 15103 Mason Road on 9.3 acres, the property is just across the street from the 294-unit Fairfield Ranch Apartments. The Fairfield Town Center shopping mall is within walking distance and provides access to retailers such as Marshalls, Old Navy, Subway, H-E-B and HomeGoods.
In addition to the anchor tenant, Fairfield Plaza’s roster also includes Texas ENT, Little Caesars and Hot Wok, among others. The property is nearby State Route 290, which has a daily car count exceeding 100,000 vehicles. According to a Washington Prime Group fact sheet, the median household income within a 5-mile radius of Fairfield Town Center was slightly more than $105,000 as of December 2018.
The deal marks Woodside’s eleventh Texas acquisition. The firm’s portfolio comprises medical and health-related assets in Arizona, Florida, Georgia, Michigan and Ohio. Following the purchase and renovation of Indian River, a mixed-use medical office building in Vero Beach, Fla., this summer Woodside decided to capitalize on its investment and sold the property at a price increase of roughly 40 percent.