Project Description

UT Physicians

21222 Kingsland Blvd,
Katy, TX 77450
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Property Type:
Single Tenant Medical Office Building

Portfolio Sale Price:
$2,170,000

Square Footage:
8,962

Major Tenants:
UT Physicians, doing business as Richmond Bone & Joint Clinic

Highlights

•  8,962-Square Foot, Single Tenant Medical Office Building | Fully Occupied by UT Physicians (dba Richmond Bone & Joint Clinic)

•  UT Physicians is a Subsidiary of UTHealth (Moody’s Aaa) and an Affiliate of Memorial Hermann (Moody’s A1)

•  Located Five-Mile from Memorial Hermann Katy Hospital | General Medical and Surgical Hospital with 142 beds

•  Katy, Texas Economy Accounts for over $21 Billion in Sales and Includes 10,600 Companies with over 200 Corporate Headquarters

•  Corporate Headquarters include Igloo Corporation, Academy Sports and Outdoors, BP North America, Mustang Engineering, Diamond Offshore and Schlumberger and Many More

•  Average Five-Mile Population is Approximately 230,000 | Average Household Income within a Five-Mile Radius Exceeds $100,000

Print Details

Contact Agents:

Scott Niedergang Managing Director Direct: (312) 338-7060 Cell: (312) 342-4495 scott.niedergang@cushwake.com
Gino Lollio Managing Director, Healthcare Advisory Practice | Capital Markets Direct: (312) 338-7061 Cell: (239) 810-4714 gino.lollio@cushwake.com

Texas Broker of Record:

Teddy Leatherman

Summary

Richmond Bone & Joint Clinic, located in the West Houston submarket of Katy, Texas, is an 8,962-square-foot, single-tenant medical office building that is fully occupied by UT Physicians (dba Richmond Bone & Joint Clinic). At the time of sale, UT Physicians, a subsidiary of UTHealth (Moody’s Aaa) and an affiliate of Memorial Hermann (Moody’s A1) guaranteed the lease. Richmond Bone and Joint Clinic was acquired by UT Health in 2014.

A recently executed five-year renewal option commenced January 1, 2017. Annual rent escalations are calculated as the greater of CPI or 3.00 percent. All expenses are reimbursed by the tenants with the landlord only responsible for roof and structure. The rental rate is in line with the market, at $20.00 per square foot.

Richmond Bone & Joint Clinic is a group of more than 20 physicians serving Richmond, Sugar Land, and Katy, Texas, with state-of-the-art facilities, imaging services, physical therapy, surgical services, and a comprehensive support staff. Richmond Bone & Joint Clinic covers the entire range of orthopedic care, including general orthopedics, pediatric orthopedics, spine surgery, sports medicine, pain management, hand, foot and ankle, and joint replacement.

 

Seller Profile: Physician Partnership
Buyer Profile: Private Investor

Additional Photos

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