KATY, Texas – (Realty News Report) – Kelsey-Seybold is under construction on a 37,000-SF two-story clinic in NewQuest Properties’ Grand Morton Town Center in northeast Katy, the highest growth residential market in the U.S.
The project, called the Kelsey-Seybold Morton Ranch Clinic, is being constructed on a 3.77-acre site on the eastern side of Grand Morton Town Center near the corner of Morton Ranch Road and the Grand Parkway/TX 99. The multispecialty group medical practice has secured enough land to expand the Kelsey-Seybold Morton Ranch Clinic by 17,000 SF in the future.
“Kelsey-Seybold will open a multi-disciplinary medical facility with a great deal of advanced medical and specialty services. That’s why we saw this as a natural fit within our project,” says Ashley Strickland, vice president of NewQuest Properties Healthcare & Wellness Division. “It is mutually beneficial.”
One of the strongest trends to emerge in the healthcare industry in recent years is the benefit of co-tenanting across the retail, restaurant and medical sectors. “We’ve never been busier. In the past six months, we’ve signed or are working on 80,000 SF of medical-related transactions in retail settings,” Strickland says.
At build-out, the 91-acre Grand Morton Town Center will seat 600,459 SF of retail, restaurants and medical office space. Kelsey-Seybold, slated to open in April 2020, is the largest medical services tenant to date in the NewQuest development.
“It’s convenient for patients to have retail and restaurants within walking distance of a medical facility of this size and caliber,” Strickland says. “As for our project, the Kelsey-Seybold Morton Ranch Clinic will ensure long-term sustainability by adding to the development’s continued steady base of customers.”
The ground lease was the result of direct negotiations with Kelsey-Seybold and the NewQuest
healthcare division, which is led by Strickland. The clinic will be adjacent to a proposed 34,000-SF LA Fitness.
Roughly one-fifth of Grand Morton Town Center’s 91 acres is dedicated to pad sites, a land plan set in motion by NewQuest’s ability to acquire 1,800 linear feet of frontage along Grand Parkway and 1,500 linear feet along Morton Ranch Road – a total of three-quarters of a mile of frontage at a regional intersection with a daily traffic count exceeding 53,000 vehicles. Josh Friedlander, vice president of NewQuest, and Rebecca Le, senior vice president, lease the center for the Houston-based developer.
Since it opened, Grand Morton Town Center’s tenants consistently log some of highest annual sales volumes for their brands. Tenants benefit from a population of 403,433 within a seven-mile trade area and an average annual household income of $113,000. The center is anchored by a 123,531-SF Kroger Marketplace and a 186,902-SF Walmart super-store.
July 30, 2019 Realty News Report Copyright 2019
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