Everest Medical Properties Acquires Houston Medical Office Portfolio
Scottsdale, AZ—August 8, 2017
Everest Medical Properties, in conjunction with a major pension fund, has acquired four medical office properties in Houston for $58 million.
The portfolio of fully leased medical office properties includes Memorial Hermann Surgical Hospital and Physicians Pavilion in Sugar Land; and UT Physicians facilities in Sugar Land and Richmond.
The largest not-for-profit health system in Southeast Texas, Memorial Hermann Healthcare System has 12 hospitals and numerous specialty programs and services located 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 (UTHealth) Medical School.
“We are excited to enter into this transaction,” said David Lynn, PhD, CEO of Everest Medical Properties. “We believe these assets, with their strong tenancy and strategic locations, are an excellent addition to our portfolio of assets under management.”
Key Deal Highlights
- Four near-campus medical office buildings with a state-of-the-art surgical hospital and an outpatient surgery center
- Key tenancy includes investment grade rated University of Texas Physicians (Aaa) and Memorial Hermann Hospital System (A1)
- 147,000 rentable square feet currently 100% occupied with 6.7 years of average remaining term and a majority of current leases featuring annual rent bumps
- Affluent location with average household income exceeding $100K, and +14% population growth projected through 2021
About Everest Healthcare Properties
Everest Healthcare Properties is an institutional real estate manager focusing on medical real estate properties across the United States. Its mission is to provide high current and total returns to institutional investors by acquiring and adding value to high-quality healthcare properties. The Everest team has significant institutional quality real estate experience with firms such as Cole Real Estate Investments, ING/Clarion, AIG Real Estate, Simon Properties, Principal Financial and Healthcare Trust of America. For more information on Everest Healthcare Properties, please visit www.everesthealthcareproperties.com or contact us at email@example.com.