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Norvin Healthcare Properties Buys 505,000-SF The Offices at Pin Oak Park

Griffin Partners, Investcorp Sell Five-Bldg. Mixed-Use Medical and Office Campus in Houston's Bellaire Submarket
February 7, 2018
Norvin Healthcare Properties has acquired The Offices at Pin Oak Park in Houston's Bellaire submarket from Griffin Partners and Investcorp International. Terms of the deal were not disclosed.

The 505,000-square-foot campus consists of five mixed-use medical and office buildings 93% leased to UT Physicians, Memorial Hermann, Methodist Hospital, Texas Children’s Hospital, Kindred Home Care, McGovern Allergy & Asthma, Frost National Bank and the Social Security Administration, among others.

The campus, which also includes two parking garages, is located along I-610 roughly three miles from the Texas Medical Center and in close proximity to West University Place, Greenway Plaza, Uptown and the Galleria.

Based out of New York City, Norvin Healthcare Properties is a private real estate investment and operating company that focuses on the healthcare sector. The company has had a presence in Houston since 1999.

Rudy Hubbard, Brian Bacharach, Steve Leathers, Thomas Fish, Kevin McConn, Thomas Melody, Paul House and Rick Goings of JLL brokered the sale on behalf of Griffin Partners and Investcorp, which acquired the park in 2012 for $80.5 million, according to CoStar information.

Erik Tellefson at Capital One provided financing for the South campus properties at 6800 West Loop South and 4747 Bellaire Boulevard, while Goldman Sachs provided financing for the North campus properties at 6700 and 6750 West Loop South and 4710 Bellaire Boulevard. Colby Mueck and Matthew Putterman of HFF's debt placement team arranged the financing.

For more information regarding this transaction, please see CoStar COMP #4111439.
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