Opening on Gulf Freeway: New Mixed Use Project

In Houston, The WellMed health care firm has been signed as an anchor tenant for a new multi-use project opening on the Gulf Freeway in the Inner Loop.

Developed by Hass Holdings, the 56,000-SF South Gulf Plaza is a Class A multi-use development comprised of two buildings located inside the 610 Loop on I-45 just North of Wayside Drive.

The new tenant, WellMed Medical Management, a health care company serving patients with primary care and multi-specialty care clinics in Texas, Florida and New Mexico, leased 12,401 SF in the project, Colliers reports.

“The developers recognized the unique opportunity to offer a multi-use Class A asset to an underserved area. WellMed is the perfect anchor tenant for this particular project,” said Jenny Seckinger, Vice President of Colliers.

Seckinger and Ace Schlameus of Colliers represented the landlord in the transaction. WellMed Medical was represented by Luke Campbell and Nick Campbell of Perron & Campbell.

The development includes retail space, office space, warehouse space and a showroom.

The developer, Hass Holdings, and construction group, Burton Construction, expect the project to be delivered and available July 2021.

The South Gulf Plaza project is located north of Loop 610 near Telephone Road near an area known as the East End.

Colliers reports the property is located in the Inner Loop East End retail submarket. The submarket is located east of downtown and contains about 8.8 million sq ft of retail space which is 95 percent occupied.

As the threat of Covid-19 has declined, many commercial real estate markets have shown recovery.

“As stated by Emsi, a labor market data company, Houston’s MSA population grew by 500,885 over the last five years, now at 7,172,693, and is projected to grow by 544,540 over the next five years. Total regional employment grew by 74,098 over the last five years, now at 3,350,731, and is projected to grow by 166,496 over the next five years,” Colliers said 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.”