UT Medical Branch Adds 29 Acres in SE Corridor

LEAGUE CITY, TX-Anticipating future expansion, the University of Texas Medical Branch in Galveston has paid north of $9 million to acquire 29.3 acres from a Chicago partnership. The land is adjacent to 35 acres bought three years ago by the provider.

The just-acquired acreage is on the southern edge of Walker Commons, a 140-acre mixed-use project at Texas 96 and Interstate 45, which is being developed by LC Partners LP. “This is primarily an expansion site for the buyer,” explains John F. Littman, senior director with Cushman & Wakefield of Texas Inc. in Houston. “The property was sold with all utilities and off-site detention taken care of.” He teamed with C&W’s executive vice president B. Kelley Parker III and associates Jon Farris and Coe Parker to represent the seller.

Littman tells GlobeSt.com that the acquisition is one of the last available larger sites in the Interstate 45 southeast corridor. He points out that the parcel fronts Walker Street, a major thoroughfare. “This should be a major employment draw in the area,” he says. “There’s been tremendous growth in League City.”

UT Medical Branch concluded the deal just as it readies to break ground on a 110,000-sf project, with an estimated $61-million tab. The two-story building will house pediatric and adult care services, outpatient surgery, urgent care and advanced imaging. Completion is scheduled for early 2010.

Walker Commons’ developer acquired the 140 acres in 2005. Littman says several parcels in Walker Commons have been sold and developments underway like the 353-unit Broadstone Walker Commons, a 17.15-acre project along Calder Road that is to be completed. The available land is being marketed for $6 per sf to $9 per sf.