Kingwood Medical Office Building in Houston, Texas was acquired by Birmingham-based Primehealth Properties Trust, LLC.
Primehealth acquired the Kingwood Medical Office Building, located at 1330 Kingwood Drive, for $4.9 million, marking the company’s continued push into Texas and the Southwest. Currently, the company has properties in four states according to J. Claude Tindle, President.
This transaction is significant as it is another example of a Birmingham based startup growing outside the state of Alabama and is Primehealth’s second acquisition in Texas.
The healthcare real estate acquisition and development firm recently acquired the multi-tenant medical office building, Kingwood Medical Office Building in Kingwood, Texas, thirty miles northeast of Houston, TX, and a part of the MSA. Kingwood is a 14,000-acre master-planned community in Harris County and the second largest within the ten county Houston-The Woodlands-Sugar Land metropolitan area. Kingwood was created in 1971 as a joint venture between Friendswood Development Company and King Ranch. The name was derived as part of that partnership. Humble Oil Company started Friendswood in 1962 as a subsidiary. The name changed to Exxon in January 1973. In June 1995, Exxon sold Friendswood to Lennar.
The 12,000-square-foot multi-tenant medical office building sits on 1.24 acres. The facility is in an excellent location in Kingwood, next to a CVS Pharmacy and has cross access to a Class A Shopping Center. “We like the proximity to George Bush Intercontinental Airport (IAH), the neighboring residential component situated on Lake Houston, and the tenant mix which includes a Hospital Corporation of America (HCA) affiliated OBGYN group in 60% of the building along with a foot and dermatology group with direct access to HCA’s 457-bed acute care hospital equipped with a Level II Trauma Center according to Tindle”. Longleaf Realty Partners, LLC, of Birmingham, and Jim Gibson with the Northmarq, Houston Office represented Primehealth and the Seller, Derrick Interests, a Houston Investor/Developer.
“The Southwest has been a fruitful region for Primehealth Properties Trust, and we plan to continue to increase our exposure to quality Southwest markets,” said J. Claude Tindle, President for Primehealth. “We are pleased to join this particular submarket of Houston, as the building’s tenant mix has proven to be durable and useful to the community it serves.”
Over the past four and a half years, Primehealth Properties Trust has grown its portfolio by strategically acquiring and developing properties in the Southeast and Southwest United States.
