Colliers International announces the sale of Mason Creek Medical Office Building in Katy, Texas

Colliers is pleased to announce the sale of Mason Creek MOB, a newly constructed, state-of-the-art 30,000 square foot medical office building (MOB) situated on 3.89 acres at 21820 Katy Freeway in the Katy/Grand Parkway West submarket of Houston. The building is 100% leased and occupied by two premier medical tenants: Village Family Practice, LLP and Memorial MRI & Diagnostics, LLC, each under 15 year leases. The buyer was MMAC Acquisition Corporation, aka Montecito Medical Real Estate. Beth Young and Bob Parsley of Colliers International represented the seller, RK-VFP I, LLC, aka Read King, in the transaction.

 

"We are excited to acquire a prime medical office asset that has it all like Mason Creek," said Chip Conk, CEO of Montecito. "We and Colliers make a great team, and we look forward to many more deals with them.”

 

“This exciting development was a confluence of Read King’s continued expansion into both the medical development space, as well as the user-driven build to suit initiative that has been, and continues to be, the primary focus of our Front Row subsidiary," said Blake Allen, CFO of Read King. "We were very blessed to have worked with such well-established medical providers in Village MD and Memorial MRI & Diagnostics. These two groups trusted in us to deliver a best-in-class building, in a very prominent location along the Katy Freeway.  We look forward to our continued role managing the property for the new owner, Montecito.  Beth Young, with Colliers International Houston, and her team did an outstanding job identifying the most qualified buyers and ushering us through the transaction.  We are very pleased to have reached a successful conclusion and look forward to building upon our newly established relationship with Montecito.  We would also like to acknowledge the instrumental role played by Garett Hagendorf at Independent Bank, who provided the development loan for this project and whose support helped make this project possible.”

 

Located on the highly visible corner of I-10 and Mason Road in the middle of the growing medical community in Katy, Mason Creek MOB is surrounded by numerous top-rated health systems that have recently opened large multi-building hospital campuses within four miles. These include Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.

 

The medical office sector in this submarket delivered approximately 80,000 square feet of new inventory over the last 12 months.

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Beth Young

Senior Vice President | Houston

Houston

Beth Young is a real estate advisor to health systems, private and institutional investors, and users of medical facilities. She specializes in dispositions, acquisitions, marketing, asset valuation, contract negotiations, and leases of medical and investment properties.

Prior to joining Colliers, Beth was Vice President of the Investment Services Group of the former Grubb & Ellis Company where she specialized in the sale of investment properties including office, medical, retail and industrial buildings, and was a member of the Healthcare Practice Group.  From 1996 to 2002, she served as Vice President of Corporate Services for The Staubach Company, now JLL.

Beth has served in numerous executive positions on the Boards of the Houston/Gulf Coast Chapter of CCIM, the National Board of the CCIM Institute, CREW, CoreNet Global, and the Greater Houston Women’s Chamber of Commerce.  In 2002, she was the first female to be elected President of the Houston/Gulf Coast Chapter of CCIM.  In 2003, she was presented with the Presidents’ Cup Award, the international award for outstanding achievement and leadership by a chapter president. In 2003 and 2004 she was elected Regional Vice President of CCIM’s Region Four over Texas, Louisiana and Oklahoma. 

Beth has served as a Director of the Greater Houston Women’s Chamber of Commerce since 2011. She is the Chairman of the Women’s Health Network of the Texas Medical Center; and has been recognized and presented with many awards including the Chamber’s Volunteer of the Year, President’s Key Supporter Award, the first Role Model Award and most recently, the 2018 Committee Chair Award.  Beth is a Trustee and Assistant Secretary on the Harris County Hospital District Foundation Board and is Chairman of the Small Grants Committee. She has also served on the boards of the American Heart Association and the War Against Drugs.  In addition to being an industry speaker at conferences, she regularly writes healthcare property articles that have been published by GlobeSt.com, Knowledge Leader, the Houston Medical Journal, Texas Real Estate Business, REDNews, Commercial Investment Real Estate magazine for the CCIM Institute, CREW White Papers, the Houston Chronicle, and the RCA Report for the National Association of Realtors.

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Bob Parsley

Chairman & Principal | Houston

Houston

Mr. Parsley has been involved in and responsible for all phases of commercial real estate brokerage activity over the past 37 years. A native Houstonian, he returned to Houston after graduating from law school in 1979 to serve as an attorney with Bracewell & Patterson, specializing in corporate law. In 1983, he joined Colliers International, where he is one of the company’s principal shareholders. He served as President and CEO of Colliers’ Houston office prior to assuming the position of Co-Chairman in 2004 and Chairman in 2020. He brings a wide range of real estate experience, along with an understanding of the legal issues involved in real estate transactions. He has represented a broad range of corporate clients, both public and private, in office and industrial sales and office tenant rep lease transactions in Houston and throughout the USA. Bob currently serves as a member of Colliers’ Tenant Advisory Council, Healthcare Services Group and Law Firm Services Group. Bob has been one of the top two producers in the Colliers Houston office for the past fifteen years. He has also been a Colliers Everest Award recipient since the inception of the award, which is granted to the top 10% of producers for Colliers International in North America. Bob was recognized as a Connect Media CRE 2020 Top Broker with over $403 million of deals executed in 2019, and in 2018 he was recognized as the #2 ranked Heavy Hitter for office tenant representation in the greater Houston area with over $200 million in gross dollar value of deals executed in 2017. The SIOR designation that he carries signifies the highest level of accountability and ethical standards in commercial real estate.

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