Norvin Healthcare buys Bellaire’s Pin Oak Park complex

New York-based Norvin Healthcare Properties has added the five-building Pin Oak Park office complex in Bellaire to its growing portfolio in the Houston market.

The deal, totaling 505,000 square feet at 6700 W. Loop South, 6750 W. Loop South, 6800 W. Loop South, 4710 Bellaire Blvd. and 4747 Bellaire Blvd., brings the company’s local holdings to 1.2 million square feet across 12 properties, the company announced.

The buildings, completed in the mid to late 1970s, are 93 percent leased to a mix of medical and office tenants, including Frost Bank, UT Physicians, Memorial Hermann Health System, Methodist Hospital, Texas Children’s Hospital, Kindred Healthcare and McGovern Allergy and Asthma Clinic.

Pin Oak Park last changed hands in 2012 when a partnership of Investcorp and Griffin Partners bought the property from McCord Development. The buildings are just outside Loop 610, on both sides of Bellaire Boulevard, about 4 miles west of the Texas Medical Center.

“Pin Oak is a prominent, mixed-use complex in Bellaire, exceptionally well located at the corner of ‘Main & Main,’ ” Norvin president Norman Livingston said in an announcement.

“It’s a first class local landmark that offers health systems, physician practice groups and office tenants a high-quality asset, conveniently located to where they live, work and play. And the complex offers free visitor parking and quick access to several highways.”

CBRE’s Brandy Bellows Spinks and Warren Savery are handling leasing of the property, which is slated for major upgrades starting with the mechanical systems.

“Norvin intends to undertake a complete makeover for Pin Oak, which will significantly improve the tenant experience,” Bellow Spinks said.

“This includes renovation of common areas, building lobbies, outdoor plazas, parking garages, roofs, and building and life safety systems.”

The deal follows Norvin Healthcare’s October acquisition of Sugar Creek Health Center, a three-building complex totaling 90,150 square feet at 14815-14897 Southwest Freeway in Sugar Land. The property, which is occupied by Memorial Hermann Health System, the University of Texas Medical Branch, and Fort Bend Surgery Center of OakBend Health System, is also undergoing renovations.

Norvin Healthcare Properties has offices in Houston and New York City.