YMCA of Greater Houston puts two facilities up for sale
The YMCA of Greater Houston is selling its facilities in Webster and Conroe and is repositioning several others as part of an assessment of its operations following disruptions due to COVID-19.
The Y closed all 25 of its facilities and more than 200 afterschool locations last year amid the pandemic, leading to a loss of $50 million in operating revenue. The nonprofit has reopened 19 of those facilities across the Houston area for membership and programs, including locations in Alief, Greater Third Ward and Near North Side.
“We recognized early last year that our reopening would need to include fewer facilities in order to ensure viability and sustainable impact in a postCOVID world,” said Stephen Ives, president and CEO of the YMCA of Greater Houston. “Our board of directors has been thoughtful and strategic in making these decisions and I am confident that this real estate repositioning will set the stage for future growth and greater impact.”
The Y has been focusing on new initiatives to promote equity and engage more people in its mission to build strong communities. Reassessing its real estate needs is part of that process.
The EA Smith Family YMCA, at 14650 Texas 3 in Webster in the Clear Lake area, has been put up for sale. The Perry YMCA in League City is being positioned as a regional programming and service delivery hub for the area, according to the YMCA.
JLL has been hired to market the 27,000-square-foot EA Smith Family YMCA, which is appraised at $5 million, Ives said.
The city of Conroe has agreed to purchase the Conroe Family YMCA, which is valued at $2.6 million, according to the Montgomery County Appraisal District, and is close to city municipal facilities. The YMCA is researching a replacement location and is considering both existing or new build options, Ives said. The YMCA is providing program
ming through the schools and in the community.
In addition to the sales, the YMCA will not renew leases at a location in East Montgomery County and its previous administrative offices at 2600 N. Loop West. The staff has been working remotely and out of various YMCA locations.
Three facilities have not yet reopened, but will be repositioned. Programming at the T.W. Davis Family YMCA, which is slated for remodeling once funding is secured; the Thelma Ley Anderson YMCA; and the West Orem Family YMCA is being delivered through schools, online and in the surrounding community
“We’re working on some collaborative ventures to be able to open them some time in the future,” Ives said.
As part of the YMCA’s focus on accessibility and impact in the community, the organization has opened outreach locations in apartment complexes and other community hubs across the city.
Hines launches fund to invest in Asia-Pacific region
Houston-based Hines has launched a fund, backed by a major Canadian pension investor, aimed at investing in properties across the Asia-Pacific region. Cadillac Fairview, the real estate investment arm of Ontario Teachers’ Pension Plan, provided $400 million in capital for the fund.
The Hines Asia Property Partners fund will have an initial capacity to invest approximately $900 million in markets including Japan, Australia, South Korea, Singapore, China and Hong Kong, according to Hines. The fund will focus on assets designed for future tenant demand. This includes logistics, office, residential, retail and other niche properties.
“Our long-established teams in the region have already started to identify and secure opportunities that are emerging post-COVID across Asia-Pacific,” Hines Global Chief Investment Officer David Steinbach said in an announcement.
Hines, which entered China more than 25 years ago, has developed or acquired 1,450 properties totaling more than 485 million square feet worldwide since being founded in 1957. Hines and Cadillac Fairview have a relationship that dates back two decades.
Kelsey-Seybold to build clinic in Memorial area
Kelsey-Seybold Clinic plans to develop a five-story clinic in the city of Spring Valley Village.
The clinic, at 1001 Campbell Road on the northwest corner of the Katy Freeway, will serve the Memorial and Spring Branch areas.
The 125,000-square-foot clinic will house up to 50 health care providers, an ambulatory surgery center, imaging center, laboratory services and Kelsey Pharmacy.
Kelsey-Seybold Clinic - Memorial Village is the fifth project to be announced in 2021 by the clinic. It will serve as a specialty hub for clinics in Tanglewood, River Oaks, Memorial City and others under development.
The project is being developed by CBK Interests and Houstonbased Saber Street, according to Kelsey-Seybold. The land and the building will owned by CBK SS Wellington MOB LLC, a joint venture partnership of investors sponsored by CBK Interests, Saber Street and Wellington Development Co.
Kirksey is the architecture firm and Tellepsen has been named the general contractor. Opening is planned in August of 2022.