Cook: Vacated pediatric clinic sold; Magnolia Creek Golf Course sells below par
In the early 2000s a group of investors developed a medical clinic at 9191 Bluebonnet Blvd. after closing on a build-to-suit transaction for Our Lady of the Lake Pediatric Clinic, and leased it to them. A few years later, the Jaquin family purchased the property with the lease still in place. The clinic is about 11,500 square feet and is situated on a one-acre site. A few months ago, the clinic moved to a new location near the corner of Perkins Road and YMCA Plaza. Scot Guidry with Mike Falgoust & Associates listed the building for sale earlier this year for $1.5 million. The property sold on May 11 for $1,249,300, or about $108 per square foot. David Trusty of Gully, Phelps and Mckey brokered the deal for the purchaser, Westlake Holdings LLC, which would not reveal immediate plans for the building.
—Another interesting sale of note recently was the May 3 purchase of the Magnolia Creek Golf Course in Ethel. Mark Hebert with Kurz & Hebert Commercial Real Estate brokered the sale of the 72-acre, nine-hole course. Though the property had been listed for $595,000, it ended up going for $300,000. According to Hebert, a lease is in place to Magnolia Creek, and the course will continue to operate as usual. "The owner wanted to close quickly and reduced the price to do so," Hebert says. "The price per acre, at just over $4,000, was attractive to the purchaser." The seller is PMW Inc., and the purchaser is Ethel Holding LLC.
(Appraiser Tom Cook owns Cook Moore & Associates. Reach him at 293-7006 or [email protected].)
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