$21M Loan Funds Imperial Medical Center Buy
Harrison Street Real Estate Partners and Pisula Development Co. joined forces to acquire the 128,000-square-foot Imperial Medical Center in Sugar Land, TX. The partners were assisted in their acquisition with a $21.2-million first mortgage from Capital One.
The property at 1111 Hwy. 6 was sold by Houston-based Norvin Properties. The sales price was not disclosed, with the Fort Bend Central Appraisal District valuing the asset at $6.3 million.
Pisula Development Co. is the development arm of RRC Medical Real Estate in Spring, TX. In collaboration with local physician groups and health systems, RRC had built or acquired 48 projects in Houston, Dallas-Fort Worth, San Antonio and Beaumont.
“The Capital One team was extremely responsive to our needs, and worked closely with us throughout the transaction to provide strategic financing options that align with our long-term goals,” said Jim Pisula of Pisula Development.
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