Transwestern, Virtus Real Estate Capital Sell 117K SF Medical Outpatient Building in West Houston
HOUSTON — Transwestern Investments and Virtus Real Estate Capital have completed the sale of Greenhouse Medical Plaza, a 116,869-square-foot Class A medical outpatient building located at 2051 S. Greenhouse Road in West Houston, the firms announced March 26. Financial terms were not disclosed.
Office-to-Medical Outpatient Repositioning
Transwestern and Virtus originally acquired the building in 2018 as a traditional office property, executing a value-add strategy to convert it into a medical outpatient destination. The repositioning included the addition of an ambulatory surgery center, a covered patient drop-off area, a tenant and patient lounge with a conference center, redundant power infrastructure, and automatic ADA entry doors.
"This transaction reflects the successful execution of an innovative investment strategy and the strength of the underlying West Houston market," said Blake Williams, Chief Operating Officer of Healthcare Advisory Services at Transwestern. "By transforming this asset into a best-in-class medical office building, we have positioned it to deliver long-term value while meeting the needs of a growing healthcare community."
Strategic Location Near Major Hospital Systems
Greenhouse Medical Plaza's proximity to major hospital systems has been cited as a key driver of leasing activity and tenant stability. The property is located near Houston Methodist Hospital, Texas Children's Hospital, and Memorial Hermann West.
Leasing Services to Continue
Transwestern Executive Managing Director Justin Brasell and Senior Associate Chris Boyd will continue providing leasing services for the building following the sale.
About the Firms
Transwestern manages or operates $57 billion in assets across its organization and has completed or commenced development on more than $9 billion in real estate projects since 2012, spanning property types including multifamily, office, retail, healthcare, logistics, data centers, and life sciences across 33 offices nationwide.
Virtus Real Estate Capital, founded in Austin in 2003, focuses exclusively on needs-based property sectors including healthcare, education, storage, and middle-income workforce housing. The firm has acquired or developed more than 300 commercial properties totaling over $7 billion throughout the United States.
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