A joint venture between Woodside Health and Heitman has acquired Sugar Land Physicians Center, an approximately 60,000-square-foot medical outpatient facility in Sugar Land, Texas, a Houston submarket.
Money360 previously owned the asset, according to Yardi Research Data. The company acquired the property in August 2021 from American Commercial Contractors, after it foreclosed on a $16.1 million loan.
The deal comes on the heels of the joint venture’s recent Texas acquisition. The duo purchased Twelve Oaks Professional Center, a 42,500-square-foot medical office campus in Austin from KPG Commercial.
READ ALSO: Why MOBs Are Still a Strong Bet for Investors
Located at 7616 Branford Place, the three-story facility came online in 2014 and is close to Interstate 69 and the city center. Downtown Houston is 23 miles away, while George Bush Intercontinental Airport is 42 miles northeast.
The building’s tenant roster includes Gluten Free Society, MDVIP and MedFlex Spaces, according to Yardi Research Data. Other medical providers in the area include Houston Methodist Sugar Land Hospital, Garrett & Boyd Orthodontics and Metro Foot and Ankle Specialists.
As of June, Houston topped the nation for medical office inventory. The metro had 101.2 million square feet across almost 900 locations, representing 4.5 percent of the total U.S. medical office stock.
Woodside’s recent national expansion
This transaction marked Woodside Health’s 67th investment since its founding in 2008. The firm has acquired more than 4 million square feet of medical office buildings and transacted about $1.5 billion in assets. The firm focuses on Sun Belt states.
In July, Woodside purchased The Physicians Centre, a 126,059-square-foot medical outpatient facility in Bryan, Texas. That property was completed in 1999 and is close to the Texas A&M University campus.
The firm also purchased two Greater Orlando, Fla., buildings that same month. The facilities span 50,000 square feet and were fully leased at the time of sale.