Houston-based Millennium Physicians is planning a major expansion and relocation in the Cy-Fair submarket, where it's just signed a long-term lease for class A medical office space on Memorial Hermann Cypress Hospital's 32-acre campus in northwest Houston.
Millennium Physicians has leased 6,000 sf in the six-story Memorial Hermann Cypress Medical Office Plaza I at 27700 Northwest Freeway in Cypress. Tenant finish-out will begin in the near future on the shell space. Occupancy is planned for the third quarter.
To meet immediate demand, the group has leased a timeshare suite inside the hospital for Dr. Urmeel Patel, one of its primary physicians in oncology and hematology. Starting this week, the office will be open Tuesdays and Thursdays from 8 a.m. to noon.
"Currently in less than 1,000 sf, the group saw the high demand for treatment in this rapidly growing market and decided to significantly increase its existing footprint," says Ashley Strickland, vice president of NewQuest Properties Healthcare & Wellness Division. She represented the tenant in the transaction.
The Cypress population has climbed to more than 210,000, an increase of 51.21% since 2010. The average household income tops $116,000 per year. And, the Cy-Fair Independent School District is ranked as one of the nation's best.
Millennium Physicians has 49 doctors and 32 locations in Greater Houston. It is planning to expand this year in new and existing markets, including Kingwood and Tomball, as it's doing in Cypress.
"They are strategically looking at all major growth pockets in Greater Houston," Strickland adds.
Millennium Physicians is a multi-disciplinary group with an emphasis on oncology. Co-tenants in the Memorial Hermann project are an emergency center, wound care facility, University of Texas MD Anderson Cancer Center Breast Care, sports medicine & rehabilitation and diagnostic laboratory. Brandy Bellow Spinks of CBRE Healthcare Services Group represented the MOB landlord in the negotiations with Millennium Physicians.
The 170,000-sf MOB fronts Hwy. 290. The campus is southeast of the Grand Parkway/TX 99 and situated in a densely developed pocket of single-family homes – a prime location for today's healthcare trend to bring all levels of services closer to communities.
"We explored all options from land to retail to hospital campuses," Strickland says. "In the end, Millennium Physicians determined it wanted to be part of a hospital campus."
SOUTH TEXAS SALE
MB Property Management LLC has purchased a 9,412-sf freestanding building on 0.99 acres at 14914 Spring Cypress Rd., Cypress, from Rock Creek Salon Property LLC. Kelley Workman of NewQuest Properties represented the seller. Nate Newman of Newman Kelley Real Estate Investment Services represented the buyer.
SOUTH TEXAS LEASES
Millennium Physicians has leased 6,000 sf of medical office space in Memorial Hermann Cypress Medical Plaza I, 27700 Northwest Freeway, Cypress, from HCP Cypress TX MOB LLC. Ashley Strickland of NewQuest Properties represented the tenant. Brandy Bellow Spinks of CBRE Healthcare Services Group represented the landlord.
L&A China Café has leased 2,120 sf of retail space in Brazos Town Center, located at the intersection of Interstate 69/US 59 and FM 762/Reading Road, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Anna Ye of Re/MAX represented the tenant.
American Shaman has leased 1,200 sf of retail space at 7909 W. Grand Parkway S., Richmond, from Monticello Houston Holdings LLC. Andrew Alvis of NewQuest Properties represented the tenant. Danna Sossen of ICO Commercial Inc. represented the landlord.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
