Northmarq brokers sale of 44,000-sq.-ft. medical outpatient property at Memorial Hermann Cypress Hospital campus
CYPRESS, Texas (Nov. 5, 2024) — Jeff Matulis and Toby Scrivner, senior vice presidents in Northmarq’s Tulsa office, successfully brokered the sale of a 44,659-sq.-ft. medical office property in Cypress, Texas. Built in 2024, the healthcare building is 100% leased to Memorial Hermann Health System and Athlete Training + Health. Northmarq represented the seller in the transaction. The buyer was MedProperties Realty Advisors.
“In today’s challenging market conditions, this was a favorable investment given the long-term weighted average lease term (WALT) to investment-grade credit tenants along with the strategic use and location on the hospital campus,” said Matulis.
“This project provides another excellent example of how developers are collaborating with healthcare providers to enhance brand identity through non-traditional hospital related services,” commented Scrivner. “We enjoy working with creative developers and sharing innovative ideas with healthcare providers seeking to grow their market presence. These business collaborations benefit the provider by establishing brand loyalty with consumers before they find themselves in a health crisis.”
Located at 27800 Northwest Freeway, the recently developed property is situated on the campus of Memorial Hermann Cypress Hospital, a full-service, acute-care hospital with the region’s top medical specialists. The property serves a population of approximately 125,000 within a 5-mile radius. The tenant operates on a long-term, absolute triple net ground lease.
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