The 74,501 square foot Monroe Medical Plaza is situated on nearly seven acres at 8525 Gulf Freeway. The plaza, which is 90% leased has mostly medical tenants, with a few retail tenants, ten in all.

NewQuest’s David Luther represented the buyer, Farha International, “It’s a stabilized asset with a high number of medical tenants who are deeply invested at the location. It’s truly a unique asset because of the high number of destination-oriented medical tenants with hospital-quality build-outs and equipment.” Casco Realty Advisors was the seller.

Farha International made the close with 1031 Exchange funds and traditional financing from a local bank. The center is at Monroe Boulevard and the Gulf Freeway, near Houston Hobby Airport. It was completed in 1979 and renovated in 2005.