Partners Capital-owned Medical Office Building completes comprehensive renovations, enhancing asset’s appeal as medical and life sciences real estate activity ramps up in Houston
NAI Partners today announced that it has arranged two leases totaling 13,276 sq. ft. at 11301 Fallbrook Drive owned by Partners Capital, the investment arm of NAI Partners. NAI Partners’ Lesley Rice and Andy Parrish represented landlord Partners Capital in the transactions.
In the first lease, Dr. Regina Lewis with Texas Orthodontic Specialists, Dr. Stephen Chen with Texas Orthodontic Specialists, and Dr. Joseph Chen specializing in oral and maxilla-facial surgery signed a lease for 6,293 sq. ft. “Finding the right location is critical for any health practitioner in ensuring they are able to service the needs of their clients, and with its excellent location in this emerging medical corridor and extensive renovations 11301 Fallbrook was the perfect fit for our burgeoning dental practice,” said Dr. Lewis.
In the second, Touchstone Medical Imaging, LLC, D/B/A Steeplechase Diagnostic Center, signed for 6,983 sq. ft. Formerly US Imaging, Touchstone Medical Imaging is a proud partner of U.S. Radiology, one of the largest and most progressive radiology groups in the country. Its mission is to make the best of radiology better to improve lives. With over 3,100 team members and 145 outpatient imaging centers across 14 states, the U.S. Radiology team conducts nearly 6 million studies annually. U.S. Radiology is a partnership of leading sub-specialized radiology groups, high-quality imaging centers and health systems built around a commitment to best-in-class clinical excellence, operations, infrastructure, and state-of-the-art technology.
Touchstone has ambitious plans for the medical equipment and procedures it will offer in its new space, with state of the art MRI and CT scanners and a comprehensive imaging approach to include Bone Density, Mammography, X-rays, and Ultrasound. The company is very excited to be able to continue to serve the patients in the Steeplechase/Cy-Fair areas of Houston safely, and in a state-of-the-art center.
“Following an extensive renovation, including a brand-new lobby; updated visitor waiting area with new furniture; the addition of grab-and-go food options onsite with an expanded seating area; repainted common areas; landscaping upgrades, and more, 11301 Fallbrook has substantially increased its appeal,” said Mrs. Rice.
To that end, NAI Partners also recently completed the largest commercial real estate sales transaction in the Life Sciences sector in the Greater Houston area in 2020, disposing of the former Lexicon Pharmaceuticals campus in The Woodlands.
Following that sale, NAI Partners’ Dan Boyles, one of the brokers that completed the deal for Lexicon, said “We’ve been seeing life sciences real estate activity ramping up in and around the Greater Houston area in a big way. When we initially listed the property, we thought it might have more broad appeal as a redevelopment opportunity, but there was plenty of interest from potential laboratory, office and biological manufacturing users, further underscoring Houston’s growing appeal as a life sciences hub.”
Further accentuating that draw is the fact that multiple major life sciences and innovation developments are in the works throughout Houston per a recent report in Bisnow, including TMC3, which is owned by the Texas Medical Center; Rice University’s The Ion project; Hines and 2ML Real Estate Interests’ Levit Green; and Medistar Corp.’s Innovation Tower, as well as the forthcoming Texas A&M Innovation Plaza development, which will include medical office and lab space within its Horizon Tower.
These leases at 11301 Fallbrook come on the heels of a very busy several months for Partners Capital, which announced a rebrand to Partners Capital from the NAI Investment Fund this past fall; announced the acquisition of The Trails at 620 retail property in Austin, Texas and retail center Blanco Crossing in Blanco, Texas; launched Partners Investment Fund IV, the entity’s fourth commercial real estate investment vehicle; and divested itself of Spring Park Village. The Partners Capital team is looking to raise at least $50 million in equity for its Fund IV in order to continue its success in identifying and acquiring high-quality office, industrial, and retail assets in attractive markets.
For additional information about this and other NAI Partners medical office transactions, please contact Larry Koestler, Senior Vice President of Marketing & Communications, at 713.629.0500.
About Partners Capital
Partners Capital, a wholly owned subsidiary of NAI Partners, owns a real estate portfolio totaling more than 1 million sq. ft. and has completed over $165 million in transaction volume. Partners Capital was created by NAI Partners as a platform to invest in office, industrial, and retail multitenant properties in Houston, Austin, San Antonio, and Dallas that meet the following criteria: can be acquired below replacement cost; carries a $5 million to $30 million purchase price that falls below the interest of institutional buyers; generates positive cash flow; and allows NAI Partners to leverage its extensive industry knowledge and resources to generate attractive cash flow and value appreciation over a projected holding period of three to six years. Visit us on the web at www.partnersrec.com.
