I would not normally post on the subject of a real estate transaction that was completed over three years ago. However, when you are involved in a land transaction that is intended to result in a significant new development and it ultimately reaches fruition, it is to some degree the exclamation point of the transaction.
As reported in the Houston Chronicle, this past week, Houston developer the Wolff Companies and the Urban Land Institute hosted an event recently celebrating the westward expansion of the Texas Medical Center beyond its central campus. Located on 170 acres at Interstate 10 and Barker-Cypress, the project has been branded Texas Medical Center-West. The Texas Medical Center does not have an ownership position in the development, but two of its premier member institutions Texas Children’s Hospital and the Methodist Hospital System are set to open their West Houston campuses.
2007 Land Acquisition
Our client, The Houston Methodist Hospital System approached me and my partner Bob Parsley in 2007 about acquiring land for what is today, the Methodist West Houston Hospital. While Texas Children’s Hospital had already completed the purchase of their site from the Wolff Companies, our assignment was a little more complex in that the targeted site involved two separate tracts of land with different ownership and neither site was actively on the market. In addition, there was a lot buzz regarding the Texas Children’s land acquisition and other buyers and land speculators were circling, it was 2007! We had to move quickly and discreetly.
2007 Aerial Photo
All significant real estate transactions have challenges to overcome in order to reach completion. In retrospect, the acquisition of the 40 and 46 acre tracts went relatively smoothly, and while the majority of the negotiations were conducted without disclosing the potential buyer to the respective sellers who trusted our representation that our client unquestionably had the ability to perform. When you represent a client as well respected as the Methodist Hospital System your credibility with the land owners is pretty solid to say the least.
The Houston Methodist Hospital West Houston Campus
When the West Houston Campus opens this month the West Houston / Katy community will be served by a 478,500 square feet full service hospital with 193 beds and 15 operating rooms complimented by a adjacent 150,000 square feet of medical office building with lease commitments in place, bringing the project to 100% occupancy. Personally, it has been a great thrill watch the transformation of this land site into an impressive medical campus.
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