The building was acquired by HCP, a health care real estate investment trust based in Irvine, Calif., according to CoStar.
Origin, with its operating partner Transwestern, acquired the property out of bankruptcy in 2012. Transwestern's Scott Carter and Brandy Bellow Spinks negotiated leases that boosted occupancy from 52.5 percent at acquisition to 90 percent at the time of sale. The value of the property rose 62 percent during the hold period and generated a 25.4 percent internal rate of return, according to Origin Investments.
"The acquisition, management and disposition of Kingwood Medical Arts clearly demonstrates Origin's fundamental strategy to purchase well-located assets with fixable problems, create and enhance value for the asset, and exit the transformed asset," Marc Turner, Origin's managing director of investment management, said in an announcement.
The property, next to HCA Kingwood Medical Center, is anchored by a 30,000-square-foot surgical center operated by a venture between Memorial Hermann Health System and United Surgical Partners.
Eric Johnson and Scott Carter of Transwestern, which will continue to provide leasing and management services for the new owner, represented Origin in the sale. original story