$4M Buys 19,015-SF Medical Office Building

The 19,015-sf West Pearland Professional Center II abuts a May 2003 acquisition of a twin. To make the close with the seller of record 518 Retail LP, Windrose assumed a loan of nearly $2 million bearing a 5.8% fixed-rate interest and rolled in funds from a recently completed second offering, according to a press release. Tenants in place for the long term include an allergy clinic and imaging center.

Fred S. Klipsch, Windrose's chairman and CEO, says the deal completes the takedown of the developer's entire West Pearland property. The acquisition includes a shared parking garage. "Taking into account this property, we have completed over $114 million in acquisitions, continuing to exceed our 2004 acquisition goal of $100 million," he says.