Texas-based firm partners with Harrison Street on the acquisition of 120,596 square foot MOB leased by CHI St. Luke’s and University of Texas – MD Anderson
Pisula Development Company recently announced the acquisition of 8001 (top) and 8040 Roosevelt Blvd., a two-building medical office building portfolio in Philadelphia.
THE WOODLANDS, Texas, Aug. 28, 2019 – The Woodlands-based Pisula Development Company recently announced the acquisition of CHI St. Luke’s Health Sugar Land Medical Plaza, an existing medical office building (MOB) in southwest Houston totaling 120,596 square feet. The building is attached to and prominently integrated into the CHI St. Luke’s Hospital – Sugar Land campus with strategic medical practices, including those aligned with CHI St. Luke’s and University of Texas – MD Anderson.
The acquisition of the portfolio was completed by PDC-HSRE JV, a joint venture between Pisula Development and Harrison Street Real Estate (HSRE). The properties were acquired through a commercial mortgage backed securities (CMBS) loan assumption. The transaction closed Feb. 21.
The acquisition was completed by a joint venture between Pisula Development and Harrison Street. The transaction closed July 19.
“Pisula Development Company is happy to acquire this excellent facility in Sugar Land, a great medical community, in another joint venture with Harrison Street,” says Jim Pisula, Chief Financial Officer and Principal, Pisula Development Company. “Affiliating with CHI Health, one of the nation’s largest health systems, along with respected tenants like The University of Texas, MD Anderson meets our continued goals of partnering with strong operators and providing excellent healthcare through outstanding real estate opportunities.”
The five-story, 120,596 square foot CHI St. Luke’s Health Sugar Land Medical Plaza was constructed in 2008. Services offered include oncology, urology, general surgery, family and internal medicine, pediatrics, obstetrics and gynecology, and orthopedics.
The property will be managed and leased by affiliates of Pisula Development Company.
Shane Seitz, Chris Bodnar, Lee Asher, Ryan Lindsley and Sabrina Solomiany of CBRE Capital Markets represented the seller in the transaction.
About Pisula Development Company
Pisula Development Company is the development arm of RRC Medical Real Estate LLC (RRC), a full-service, commercial real estate firm with offices in Texas, Colorado, Pennsylvania, and Arizona. RRC’s headquarters are located in The Woodlands, Texas, a suburb of Houston. RRC provides property, asset and facilities management services for over 2.5 million square feet of commercial real estate. Through its Pinecroft Realty LLC subsidiary, RRC provides leasing and brokerage services. RRC strives to provide these services in a cost-effective manner while creating an alignment of interest among all parties. RRC is also committed to developing energy efficient buildings when possible. As a recognized leader and innovator in the industry, RRC continues to attract and retain a distinguished and growing roster of tenants, lenders and investment partners. For more information, please visit www.PinecroftRealty.com.
About Harrison Street
Harrison Street is a leading investment management firm exclusively focused on alternative real assets. The firm has created a series of differentiated investment solutions focused on the Education, Healthcare and Storage sectors. Headquartered in Chicago with an office in London, the firm has more than 140 employees and approximately $21.5 billion in assets under management. Clients of the firm include a global institutional investor base from 11 countries. For more information, please visit www.harrisonst.com.