October 03, 2018
Houston – Transwestern Investment Group (TIG®) and its partner Virtus Real Estate Capital (Virtus) today announced the acquisition of a 114,413-square-foot property at 2051 S. Greenhouse Road in West Houston. The new ownership plans to reposition the asset as a medical office building, which will be leased and managed by Transwestern.
“This asset is ideally suited for medical use and will be best-in-class due to its efficient layout, abundance of natural light, high parking ratio, and proximity to the west campuses of Houston Methodist Hospital and Texas Children’s Hospital, as well as Memorial Hermann West,” said Blake Williams, Managing Director at TIG. “We are excited to provide the advantages of a modern, LEED-certified medical office building to the rapidly growing West Houston and Katy markets.”
The three-story building is being reintroduced to the market as Greenhouse Medical Plaza. To facilitate advanced medical practices, planned capital improvements include the development of a surgical center and a covered carport drop-off for patients, as well as equipping the property with redundant power.
“This acquisition epitomizes our investment strategy of finding high-quality, value-add opportunities within medical office,” said Virtus Chief Investment Officer Robert Schweizer. “The building’s features and location are ideal for medical tenants, and, once stabilized, this asset will be a top-tier, institutional quality medical office building. We’re thrilled to be working with Transwestern given their depth of knowledge and relationships in the Houston healthcare market.”
With proximity to both Houston Methodist and Texas Children’s hospitals, 2051 S. Greenhouse Road is positioned to accommodate expected demand for outpatient services. With steady population growth in West Houston, hospitals are expanding in anticipation of greater healthcare demand. Houston Methodist’s recent completion of a 100-bed patient tower is a strong indicator of future growth.
Transwestern’s Executive Vice President Justin Brasell and Senior Leasing Associate Christian Connell are providing leasing services. The property management team will be led by Transwestern’s General Manager Cindy Niles and Senior Vice President John Wheeler.
TIG and Virtus acquired the asset from The D’Agostino Cos. The buyer was represented by Brasell, while JLL’s Kevin McConn, Rudy Hubbard, and Rick Goings represented the seller.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship-driven approach ensures our priorities are our clients' investment objectives. With $4.4 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. TIG provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 35 U.S. offices and a development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT VIRTUS REAL ESTATE CAPITAL
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 218 properties for a combined acquisition value of over $3.4 billion and has fully realized 153 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.