HOUSTON – (Realty News Report) – Wolf Capital Partners acquired Heights Medical Tower, a 120,000-SF medical office building at 427 W. 20th St. in The Heights.
The building will undergo a redevelopment and re-launch as HeightsMED by mid-2023.
Justin Brasell and Christian Connell of Transwestern Real Estate Services will provide agency leasing for the property.
“The repositioning of HeightsMED provides an excellent opportunity to transform a well-located medical office building with great bones into a best-in-class facility in a neighborhood where there is a massive void for healthcare services,” said Zach Wolf, principal at Wolf Capital Partners.
The building, which is near Loop 610 and White Oak Bayou Greenway Trail, is 82 percent leased.
Upon completion, HeightsMED will be a Class A medical office building featuring a new lobby, elevator cabs, restrooms, MEP systems and spec suites. Exterior upgrades include a refreshed streetscape and widened sidewalks, further supporting the walkability of the area and offering better access to nearby retail, food and beverage. HeightsMED has a connected parking garage, providing a convenient option in a submarket that is parking constrained.
“HeightsMED benefits from the neighborhood’s strong payer mix and high-income,” said Brasell, Executive Vice President and Managing Director of Healthcare Advisory Services at Transwestern. “Barriers to entry in the Heights are extremely high given the submarket’s very limited supply of quality medical office space. HeightsMED is an excellent opportunity for specialty practices seeking reasonably priced Class A space in an in-demand submarket.”
Anthony Heins of Heins Properties represented Wolf Capital Partners in the acquisition. Matthew Putterman of JLL secured financing from Origin Bank.
The Houston medical office market has been strong. The Clay Development & Construction is planning a medical office development on Kirby Drive near Westheimer, a significant intersection in Houston’s Inner Loop. The Clay project, a five-story 100,000-SF building will have Class A medical office space and ground-level retail.
March 8, 2022 Realty News Report Copyright 2022
Image: courtesy Transwestern Healthcare Advisory Services
FILE: Medical Office Tower Acquired
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