Marcus & Millichap Inc.
11/07/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of Medical Office Building in Houston’s Clear Lake Area
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Marcus & Millichap Brokers Sale of Medical Office Building in Houston's Clear Lake Area
November 07, 2024
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HOUSTON, Nov. 7, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today sale of a 45,083-square-foot unoccupied Behavioral Health Hospital, located at 11500 Space Center Boulevard in Houston, Texas.
"We are happy to deliver a smooth closing for our client, who was eager to sell this vacant medical facility," says Alex Wolansky, first vice president. "This facility was previously occupied by Sacred Oaks Behavioral Hospital, which shut down due to numerous state regulatory violations. The buyer is an out-of-area medical practitioner and investor who plans to repurpose the facility for an undisclosed medical use."
Wolansky and Gus Lagos, investment specialists in Marcus & Millichap's Houston office, exclusively marketed the property on behalf of the seller, an undisclosed ownership group, and procured the buyer, an out-of-state private investor who purchased the asset in an all-cash deal.
Originally built in 2008 and converted to a behavioral health facility in 2015-2016, the property spans 4.32 acres and includes 10 rooms with 20 beds, medical evaluation spaces, a commercial kitchen, and common areas. Located in the Village at Clear Point Crossing medical office park, the facility is near major healthcare providers, including UT Physicians and Memorial Hermann.
"We are happy to deliver a smooth closing for our client, who was eager to sell this vacant medical facility," says Alex Wolansky, first vice president. "This facility was previously occupied by Sacred Oaks Behavioral Hospital, which shut down due to numerous state regulatory violations. The buyer is an out-of-area medical practitioner and investor who plans to repurpose the facility for an undisclosed medical use."
Wolansky and Gus Lagos, investment specialists in Marcus & Millichap's Houston office, exclusively marketed the property on behalf of the seller, an undisclosed ownership group, and procured the buyer, an out-of-state private investor who purchased the asset in an all-cash deal.
Originally built in 2008 and converted to a behavioral health facility in 2015-2016, the property spans 4.32 acres and includes 10 rooms with 20 beds, medical evaluation spaces, a commercial kitchen, and common areas. Located in the Village at Clear Point Crossing medical office park, the facility is near major healthcare providers, including UT Physicians and Memorial Hermann.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.