HOUSTON – (Realty News Report) – WellMed Medical Management has been signed as the anchor tenant for a new mixed-use development on the Gulf Freeway inside the Loop.
Developed by Hass Holdings, South Gulf Plaza is a Class A, 56,000-square-foot mixed-use project made up of two buildings located inside the 610 Loop on I‑45 just north of Wayside Drive.
WellMed Medical Management, a health care company operating primary care and multi-specialty clinics across Texas, Florida and New Mexico, leased 12,401 square feet in the development, Colliers reports.
“The developers recognized the opportunity to deliver a Class A mixed-use asset to an area that has been underserved. WellMed is an ideal anchor tenant for this project,” said Jenny Seckinger, Vice President at Colliers.
Seckinger and Ace Schlameus of Colliers represented the landlord. WellMed Medical was represented by Luke Campbell and Nick Campbell of Perron & Campbell.
The South Gulf Plaza development will include retail, office, warehouse and showroom space, creating a flexible blend of uses to serve the surrounding neighborhood and the broader Inner Loop market.
Hass Holdings, with Burton Construction as the general contractor, expects the project to be complete and available in July 2021.
South Gulf Plaza sits north of Loop 610 near Telephone Road in the area commonly known as the East End.
Colliers identifies the property as part of the Inner Loop East End retail submarket, which lies east of downtown Houston and contains roughly 8.8 million square feet of retail space with an estimated 95 percent occupancy.
As the immediate impacts of the Covid‑19 pandemic have eased, many commercial real estate markets have shown signs of recovery.
“According to Emsi, a labor market data company, Houston’s MSA population increased by 500,885 over the last five years to 7,172,693 and is projected to grow by another 544,540 in the next five years. Total regional employment rose by 74,098 over the past five years to 3,350,731 and is projected to increase by 166,496 in the next five years,” Colliers noted in a recent market report. “The top three industries in 2020 were restaurants and other eating places, education and hospitals, and general medical and surgical hospitals.”
July 12, 2021 Realty News Report. Copyright 2021.
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available from major retailers.
File: New Mixed Use Project Opening
File: Colliers; Jenny Seckinger; Burton Construction; Hass Holdings; Interstate 45; New Mixed-Use Project Opening on Gulf Freeway at Wayside.