KATY, Texas – Kelsey-Seybold is building a new 37,000-square-foot, two-story clinic in NewQuest Properties’ Grand Morton Town Center in northeast Katy, one of the fastest-growing residential markets in the United States.
The facility, to be named the Kelsey-Seybold Morton Ranch Clinic, sits on a 3.77-acre parcel on the east side of Grand Morton Town Center near Morton Ranch Road and the Grand Parkway (TX 99). The multispecialty group has acquired additional land that allows for a future 17,000-square-foot expansion of the clinic.
“Kelsey-Seybold will open a multidisciplinary medical facility offering a broad range of advanced medical and specialty services, which makes it an ideal fit for our project,” said Ashley Strickland, vice president of NewQuest Properties’ Healthcare & Wellness Division. “It’s a mutually beneficial partnership.”
One notable trend in healthcare recently is the advantage of co-locating medical services with retail and dining. “We’ve never been busier. In the past six months, we’ve signed or are negotiating 80,000 square feet of medical-related space in retail settings,” Strickland added.
When fully built out, the 91-acre Grand Morton Town Center will contain approximately 600,459 square feet of retail, restaurant and medical office space. Kelsey-Seybold, which is scheduled to open in April 2020, is the largest medical-services tenant announced so far in the NewQuest development.
“It’s convenient for patients to have retail and restaurants within walking distance of a medical facility of this size and quality,” Strickland said. “For our development, the Kelsey-Seybold Morton Ranch Clinic strengthens long-term viability by contributing to a stable, ongoing customer base.”
The ground lease was negotiated directly between Kelsey-Seybold and NewQuest’s healthcare division, led by Strickland. The clinic will be adjacent to a proposed 34,000-square-foot LA Fitness.
About one-fifth of Grand Morton Town Center’s 91 acres is dedicated to pad sites. NewQuest secured 1,800 linear feet of frontage along the Grand Parkway and 1,500 linear feet along Morton Ranch Road—about three-quarters of a mile of high-visibility frontage at a regional intersection with daily traffic exceeding 53,000 vehicles. Josh Friedlander, vice president of NewQuest, and Rebecca Le, senior vice president, handle leasing for the Houston-based developer.
Since opening, Grand Morton Town Center’s tenants have reported some of the highest annual sales volumes among their brand locations. The center serves a seven-mile trade area with a population of approximately 403,433 and an average annual household income around $113,000. Anchors include a 123,531-square-foot Kroger Marketplace and a 186,902-square-foot Walmart supercenter.
July 30, 2019 Realty News Report © 2019
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