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Everest Medical Properties Enters Houston with $58M Acquisition
Everest Medical Properties, acting as a strategic advisor for a major U.S. pension fund, has acquired three MOBs in suburban Houston for $58 million. The deal represents the investor’s entrance into the market.
The properties include Memorial Hermann Surgical Hospital and Physicians Pavilion in Sugar Land, and UT Physicians’ facilities in Sugar Land and Richmond. They are fully leased.
Scott Niedergang and Gino Lollio, senior directors with Institutional Property Advisors (IPA), brokered the deal on behalf of the seller, a partnership including physicians and executives previously affiliated with Richmond Bone & Joint Clinic.
“We are excited to enter into this transaction,” noted David Lynn, Ph.D., CEO of Everest Medical Properties. “We believe these assets, with their strong tenancy and strategic locations, are an excellent addition to our portfolio of assets under management.”
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