HOUSTON – (Realty News Report) – An affiliate of Rycore Capital has acquired Bellaire Medical Plaza, a 58,517-square-foot medical office building near the city of Bellaire.
The property at 5420 Dashwood Dr. sits near the northeast corner of Bellaire Boulevard and Chimney Rock Road.
This transaction underscores growing momentum for medical investment in the Bellaire area. In 2019, Houston Methodist leased 100,812 square feet of the former Chevron Bellaire office building on Loop 610 at Fournace Street, further establishing the submarket’s attractiveness to health-care providers.
Bellaire Medical Plaza is situated approximately five miles west of the Texas Medical Center campus, one of the largest medical complexes in the world with tens of millions of square feet of health-care space and a substantial workforce.
JLL Capital Markets represented the seller, Ridgeline Capital Partners, and procured the buyer. JLL also worked on behalf of Rycore Capital to secure the acquisition loan.
Located within a designated Opportunity Zone, Bellaire Medical Plaza sits in a thriving medical office market and is currently 88% leased. The three-story building hosts a complementary mix of medical tenants and services, including primary care, dialysis, pain management, ophthalmology, audiology and laboratory services. Notable tenants include UT Physicians, Quest Diagnostics, LabCorp and Harris Health System. The building also features an on-site walk-in health clinic and pharmacy.
The property includes a 3.67-acre parcel offering potential for future development and expansion.
The JLL team representing the seller was led by Kevin McConn, Director of JLL’s Houston Capital Markets team, alongside Brian Bacharach of JLL’s National Healthcare Capital Markets Group. JLL’s Capital Markets team that handled financing included Matt Kafka and Cameron Cureton.
The site lies just north of Bellaire’s city limits, about a mile west of Loop 610 and near the Bellaire Post Office.
April 22, 2021 Realty News Report Copyright 2021
Photo courtesy JLL Capital Markets
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File: Bellaire Medical Building Sold