Bellaire Medical Building Sold

HOUSTON (Realty News Report) – An affiliate of Rycore Capital has acquired the Bellaire Medical Plaza, a 58,517-square-foot medical office building near the city of Bellaire.

The medical property, 5420 Dashwood Dr., is near the northeast corner of Bellaire Boulevard and Chimney Rock Road.

The deal continues a positive trend for Bellaire to gain momentum in the medical space. In 2019, Houston Methodist leased 100,812 SF of the former Chevron Bellaire office building on Loop 610 at Fournace Street.

The Bellaire Medical Plaza property is positioned just five miles west of the Texas Medical Center campus, which is considered the largest medical complex in the world with more than 50 million SF of healthcare space and 106,000 employees.

JLL Capital Markets represented the seller of thet Bellaire building, Ridgeline Capital Partners, and procured the buyer. In addition, JLL worked on behalf of Rycore Capital to secure the acquisition loan.

Bellaire Medical Plaza is located within a designated Opportunity Zone and a thriving medical office market.

The 88%-leased property is home to a synergistic mix of medical tenants with specialties in primary care, dialysis, pain management, ophthalmology, audiology, and laboratory services, including UT Physicians, Quest Diagnostics, LabCorp and Harris Health System. In addition, the three-story facility offers a walk-in health clinic and pharmacy on site. The property also includes a 3.67-acre parcel allowing for future development on the site.

The JLL team representing the seller was led by Kevin McConn Director of JLL’s Houston Capital Markets team, and Brian Bacharach of JLL’s National Healthcare Capital Markets Group. JLL’s Capital Markets team leading the financing efforts included Matt Kafka and Cameron Cureton.

The site is just north of the city limits of Bellaire, about a mile west of Loop 610, near the Bellaire Post Office.

April 22, 2021 Realty News Report Copyright 2021

Photo courtesy JLL Capital Markets

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon

File: Bellaire Medical Building Sold

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