Big Sky Medical Closes On Houston MOB

Greenpark One

Big Sky Medical has made its second investment in the Houston market with the acquisition of Greenpark One, a 134,910-square-foot medical office building. According to Harris County records, Healthcare Realty Trust sold the property.

The purchase is one of the four transactions, totaling 382,509 square feet, that Big Sky closed on the same day. Apart from Greenpark One, the firm bought Westinghouse Building at Providence Park, a life science facility in College Station, Texas, from Oldham Goodwin Capital. The acquisition of both properties was financed with a $190 million loan, originated by Capital One. The other two assets were medical office buildings in Salisbury, Md.

With these four acquisitions, Big Sky’s 2022 investment activity, completed in partnership with Bahrain-based GFH Financial Group, reached 20 assets. The company plans to achieve $1 billion in investments by the end of this year.

A Houston medical office building

Completed in 1984, Greenpark One was renovated in 2011 and the new owner intends to enhance the property’s facilities through a capital improvement plan. The eight-story building features 17,188-square-foot floorplates and includes first-floor retail, CommercialEdge data shows.

The tenant roster includes Memorial Hermann Surgery Center, DermSurgey Associates, Eating Recovery Center and Texas Oncology Center, among others. Transwestern will oversee leasing at the property in order to bring it to full occupancy.

GreenPark One is located at 7515 S. Main St., on the southwestern side of Texas Medical Center, roughly 5 miles from downtown Houston. Other medical facilities in the area provide various health-care services, such as obstetrics, gynecology, pediatrics and orthopedics.

According to CommercialEdge data, 16 medical office buildings, totaling more than 1.2 million square feet, have traded in Greater Houston since the beginning of the year. In one of the more significant transactions, Wolf Capital Partners acquired Heights Medical Tower, a 120,000-square-foot property, with the help of an Origin Bank loan.