Prescriptive Capital, a Denver-based real estate private equity firm, and Houston-based healthcare developers Saber Street and CBK Interests have announced their plans to begin the initial development phase of a 45,000 square foot medical office building in The Woodlands, Texas.
The building is 80% pre-leased to a large physician practice group that has made a long-term commitment to the building and to serving the surrounding community. The site is located on the heavily trafficked Kuykendahl Road, just south of Carlton Woods at Creekside – one of the wealthiest residential enclaves in The Woodlands with median home pricing currently exceeding $1.5 million.
The three-story building will be developed on a 4.685-acre lot. Arch-Con Corporation has been selected as the general contractor and groundbreaking for the development is scheduled for December 2022.
“Creekside Park is one of the fastest-growing markets in The Woodlands, Texas, and it is underserved from a healthcare perspective,” said Chris Haley, Co-Founder and Managing Partner of Saber Street. “Pre-leasing on this building will bring a variety of critical healthcare providers and services to the growing community.”
“We are incredibly excited to partner with the Saber Street and CBK Interests team on this development,” said Chris Bodnar, CEO of Prescriptive Capital. “This project will be a significant and positive contribution to the community, and we’re grateful to be working alongside some of the best healthcare developers in Texas.”