Investor purchases MOB near Texas Medical Center in Houston
JLL Capital Markets led sales and financing efforts for Bellaire Medical Plaza; continues to see demand for well-located medical office properties
HOUSTON – Apr. 21, 2021 – JLL Capital Markets announced today that it has closed the sale and arranged financing for Bellaire Medical Plaza, a 58,517-square-foot medical office building near the Texas Medical Center in Houston, Texas.
JLL represented the seller, Ridgeline Capital Partners, and procured the buyer, an affiliate of Rycore Capital. In addition, JLL worked on behalf of Rycore Capital to secure the acquisition loan.
Bellaire Medical Plaza is located at 5420 Dashwood Dr. within a designated Opportunity Zone and a thriving medical office market. The property is positioned just five miles from the Texas Medical Center campus, which is considered the largest medical complex in the world with more than 50 million square feet of healthcare space and 106,000 employees.
The 88%-leased property is home to a synergistic mix of medical tenants with specialties in primary care, dialysis, pain management, ophthalmology, audiology, and laboratory services, including UT Physicians, Quest Diagnostics, LabCorp and Harris Health System. In addition, the three-story facility offers a walk-in health clinic and pharmacy on site. The property also includes a 3.67-acre parcel allowing for future development on the site.
The JLL team representing the seller was led by Kevin McConn, Managing Director of JLL’s Houston Capital Markets team, and Brian Bacharach, Managing Director of JLL’s National Healthcare Capital Markets Group.
JLL’s Capital Markets team leading the financing efforts included Senior Managing Director Matt Kafka and Managing Director Cameron Cureton.
“Bellaire Medical Plaza has a fantastic location in Houston’s Inner Loop, generating demand from the Texas Medical Center as well as benefiting from the enormous residential and workforce population within a few miles of the property,” said McConn.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ridgeline Capital Partners
Ridgeline is a private real estate investment firm specialized in acquiring and operating healthcare real estate assets. The firm utilizes its experience in acquisitions, management, development and capital markets to invest capital entrusted to Ridgeline. Ridgeline’s investment philosophy is based on an understanding of asset values and capital markets and the inherent inefficiencies in the real estate industry. Ridgeline’s investment strategies are primarily focused on value-add investments and in providing joint venture equity for new development. For more information, please visit: ridgelinecp.com.