The plan is to create a land bank of development sites for ambulatory surgery centers. Five properties were assembled to amass the 800-plus acres.

Texas Real Estate Enterprises of Kemah, TX sold 735 acres in Anahuac and 36 acres at the intersection of Texas 59 and Old Humble Road in Humble. In Houston, the seller hawked 26 acres at 4th Street and Airport Road; 12.2 acres at Airport Boulevard and Simms Bayou; and 22,000 sf at Almeda Road and Riverside Drive.

SurgiCare issued 1.2 million shares of class AA preferred stock to fund the transaction. Dr. David Blumfield, SurgiCare chairman and co-CEO, tells GlobeSt.com that construction on the newly acquired acreage is likely to begin within 12 months to 18 months.

The Aspen Healthcare take-over is expected to close in August. Aspen, an adviser on the land purchase, will become SurgiCare's development arm to build as well as manage many of the locations.

"Aspen's expertise in developing new ambulatory surgery centers will enable us to develop these highly desirable properties," Blumfield says in a prepared statement, "and further consolidate our rapidly growing position in the Houston area." He says future acquisitions will be handled on a case-by-case basis and won't be limited to Texas.

SurgiCare's holdings consist of a center along Chimney Rock Road, First Street in the suburb of Bellaire, Kimberly Lane in the Memorial area, Birdsong Drive in the eastern suburb of Baytown, the Southwest Freeway in southwest Houston, Preston Street in the southeast suburb of Pasadena and a center along Oxford Street in Dayton, OH.

Instant Insights /

SurgiCare Sets Growth Plan in Motion With 800-Plus Acre Buy

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