News
As reported in the HOUSTON CHRONICLE: Company from Ohio adds medical buildings in Houston
June 29th, 2015
Woodside Health, a commercial real estate firm based in Cleveland, has added two medical office buildings in the suburban areas of Houston to its portfolio and is looking for more.
"We are absolutely interested in buying additional properties in Houston," said Ben Sheridan, a co-founder of Woodside Health.
Affiliates of the company completed the purchases of the Alore Center near The Woodlands and the Rockmead Professional Center in Kingwood in April.
"We try to acquire good properties and then make them even better," Sheridan said.
The Alore Center, originally built as a retail property at 26710 Interstate 45 North, is fully occupied by two tenants. First Surgical Partners uses the bulk of the 29,924-square-foot center and operates a surgery center called First Surgical Woodlands. The Houston Association of Realtors has a branch location there.
The Rockmead Professional Center, a 28,038-square-foot property at 605 and 611 Rockmead Drive in Kingwood, is leased to six tenants with Texas Children's Hospital (Texas Children's Pediatrics) as the largest. One suite is available for lease.
"The Houston market is growing," Sheridan said. "The next year or two might be a little slower with the oil and gas industry, but we're believers."
The health-care sector is more resistant to downturns than other types of real estate, Sheridan said.
Woodside Health leases and manages its own facilities and says it has developed an expertise in dealing with doctors' practices and hospitals.
"They have high standards for cleanliness and for appearance. They expect landlords to be very responsive," Sheridan said.
Woodside Health targets properties between $5 million and $10 million with a medical office component. It plans to acquire another four or five properties this year.
The company's portfolio now totals 13 properties in Florida, Ohio, North Carolina and Texas. Four of the properties are in the Houston market.
Through affiliates, Woodside Health also owns and manages Kingwood Executive Center at 201 Kingwood Medical Drive and Fairmont Crossing at 7215-7219 Fairmont Parkway.
Beth Young of Colliers International assisted Woodside Health in the Kingwood transaction and represented the seller in the Alore Center deal.
Author: Katherine Feser
Link: http://www.houstonchronicle.com/business/real-estate/article/Company-from-Ohio-adds-two-medical-buildings-in-6352862.php?t=fd56a3ae9c&cmpid=email-premium
