Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a prime medical property, Mason Creek Medical Office Building (MOB), in suburban Houston.
Consisting of 30,000 square feet on 3.89 acres in a steadily growing area of Katy, Texas, Mason Creek MOB is a two-story, state-of-the-art building that opened in late 2019. The building, which was 100% pre-leased while still under construction, is occupied by two leading medical groups: Village Family Practice, LLC, and Memorial MRI & Diagnostics, LLC.
“This asset covers all the bases: It’s outstanding real estate with long-term leases and two anchor tenants that have proven histories and multiple locations in the Houston area along with established client bases and strong referral sources,” said Chris Conk, Principal and VP of Acquisitions for Montecito Medical Real Estate. “We also are excited about being part of a strong, dynamic medical marketplace on the southwest side of the Houston metro area.”
Village Family Practice, which occupies 20,000 square feet of the building, provides full-service primary care, including routine care, treatment of illness and injury, and management of chronic medical conditions. The practice also offers the convenience of same-day appointments in the office and video appointments from home. The group is a member of the Accountable Care Coalition of Texas, named as one of the nation’s best accountable care organizations.
Memorial MRI & Diagnostic Center is a leading provider of high-quality, cost-effective diagnostic imaging services in multiple modalities, including MRI, CT scans, ultrasound, PET CT, nuclear medicine, echo, mammography and DEXA. The group, which operates nine additional strategically located centers in the Houston area, continues to expand in both Houston and the Dallas area.
Mason Creek MOB represents Montecito’s second of three acquisitions in July, with 10 more slated to close in August and September, Conk noted. “Even as large real estate investment trusts (REITs) have slowed down their transactions, we have continued to remain very bullish on medical office properties,” Conk said, “with a robust pipeline and ample capital to deploy on new acquisitions.”
The Mason Creek property is strategically situated near the intersection of Katy Freeway (Interstate 10) and Mason Creek Road, in a growing area with a highly visible and accessible location in close proximity to multiple new single-family and multi-family residential developments. In addition, thanks to strong medical demand in the burgeoning west Houston submarket, several top-rated health systems have recently opened large, multi-building hospital campuses within four miles of Mason Creek MOB — including Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.
With schools that are rated the best in the state, Katy continues to attract families with children. The University of Houston recently opened a new campus in Katy, where it joins companies such as Amazon, Igloo Products and Academy Sports that have established large corporate locations in the community.
