HOUSTON – (Realty News Report) – The Webster Medical Office & Life Science Campus, a two-building, medical office complex in Webster on the southeast side of Houston has been sold, according to CBRE.
The property is located in a medical district near NASA’s Johnson Space Center.
The seller was a joint venture between Virtus Real Estate Capital and Lincoln Property Company. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman with CBRE U.S. Healthcare and Life Sciences Capital Markets along with Brandy Bellow Spinks of CBRE Houston Healthcare & Life Sciences represented the seller. The buyer was Webster MOB I and II LLC.
Demand High for Life Sciences Property
“We were able to leverage the increased appetite for life sciences and the stability of medical office in a transaction that is located across the street from a major medical center and had about 50/50 life sciences to medical office tenancy,” said Lee Asher, Vice Chairman at CBRE.
Built between 2006 and 2008, the Webster Medical Office & Life Science Campus includes two buildings totaling 94,506 SF located at 251-253 Medical Center Blvd. in Webster. The portfolio is 100 percent leased to 11 tenants, offering a diverse mix of clinical specialties and an overall weighted average remaining lease term of nearly eight years.
The campus is anchored by Catalent, a biomedical conglomerate whose space within building 253 includes a state-of-the-art 32,000-SF cell therapy laboratory. Other notable tenants include Centre for Neuro Skills (CNS), Texas Skin Center, Texas ENT, Arthritis Relief Centers, and ProActive Physical Therapy Centers.
The campus sits adjacent to the 595-bed HCA Houston Healthcare Clear Lake hospital, which includes the newly constructed $120 million, 305,000-SF Heart and Vascular Hospital. The portfolio is located within, a southeast Houston healthcare corridor comprised of over 1.7 million SF of healthcare real estate and 990 inpatient beds across three acute-care hospitals, three inpatient rehabilitation facilities and two long-term, acute-care hospitals.
Friendswood Development and Clear Lake City
The Clear Lake area blossomed in the1960s with the establishment of the NASA campus where America’s astronauts worked and trained. Native Texan Lyndon Baines Johnson, who was a U.S. senator before becoming vice president and president, was instrumental in the selection of the site for NASA.
Clear Lake City, a 10,000-acre master planned community, was developed by Friendswood Development, a real estate arm of Exxon, which had extensive mineral interests in the area.
Through the years, Clear Lake City was built out. Substantial growth occurred in nearby municipalities, including Nassau Bay, El Lago and Webster.
March 29, 2022 Realty News Report Copyright 2022
Image: Courtesy CBRE
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File: Medical Office Buildings Sold
File: (2) CBRE. Medical Office Buildings Sold in Webster. NASA. Nassau Bay, El Lago. Brandy Bellow Spinks. Lincoln Property Co.