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