Medical Properties of America Uses Tomball Property as Acquisition Inroad

HOUSTON-Nashville-based Medical Properties of America looked at the numbersand decided it wanted a piece of the thriving Houston market and the rest of the state, using the 55,000-sf Tomball Professional Atrium as its entry point.

Medical Properties has bought the property at 425 Holderrieth St. in Tomball, northwest of Houston. Medical Properties has identified Houston as a key market, but also is negotiating on at least 20 other properties statewide, Wayne Buck, co-founder, COO and president, told GlobeSt.com.

“In the Texas health-care real estate marketplace, the number of sellers far exceeds the number of buyers,” Buck says. “Various factors, including fraud and abuse concerns, along with the poor performance of health-care real estate and REITs, are causing owners to sell medical office buildings.” The company has added a Houston-based property manager, Tom Brummett, to its staff to better manage the growing Texas asset base.