August 16th, 2016
Ohio-based Rotunda Medical Properties, LP, an entity of Woodside Health/Crescendo Commercial Realty, made its first purchase in the fast-growing Sugar Land submarket of Houston Texas according to their broker Beth Young, senior vice president of Colliers International's Houston office.
The Rotunda Building is a three-story, 52,000-square-foot medical office/office building located at 5819 Highway 6, Missouri City, Texas, adjacent to the award-winning Riverstone master-planned community. The building is anchored by a large Capital One branch and is occupied by multiple healthcare tenants including Texas Children's Pediatric Associates and Fort Bend Pediatric Dentistry.
The seller was represented by Barkley Peschel and Kolbe Curtice in the Fort Bend office of Colliers International. "The building was a unique investment opportunity due to its strategic location between First Colony, Riverstone and Sienna Plantation," said Barkley. "It's the only multi-story office building in the area; there isn't another building like Rotunda until you reach Highway 59 in Sugar Land".
"The combination of a very visible location at a major intersection in a booming southwest Houston submarket plus long-term and expanding tenants makes this landmark building a great addition to Woodside's Houston portfolio of medical office properties." states Beth Young.
The Cleveland-based medical office building acquisition and management firm has medical and health-related properties in Arizona, Florida, Michigan, North Carolina, Ohio and Texas. Ted Barr, principal, said, "This is our fifth acquisition in the Houston market and 21st health-related property. We see the opportunity to take a quality building with a solid rent roll, and with a little extra TLC, upgrade the appearance of the property and increase occupancy." Woodside has other properties under contract and is looking to acquire more.