Interventional Pain Specialists Leases Office Space At 6243 Fairmont Parkway In Pasadena, TX
6243 Fairmont Pkwy Pasadena, TX 77505, USA
Building Size
36,551 SF
Asset Type
Office
Closing
Feb 20, 2023
About this deal
AI
The property involved in this lease transaction is an office space located at 6243 Fairmont Parkway in Pasadena, TX. The office space spans approximately 36,551 square feet and is situated within Houston’s Gulf Freeway/Pasadena submarket.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: N/A
- Address: 6243 Fairmont Parkway, Pasadena, TX
- Market: Pasadena, TX
- Square Footage: 36,551
The tenant in this lease transaction is Interventional Pain Specialists Bda Principle Health Systems, a medical practice that offers advanced treatments for pain relief and aims to improve patients' quality of life. They have acquired 4,633 square feet of medical office building (MOB) space within the aforementioned property. The landlord, Schmid Investment Corporation, was represented by Lewis Schmid. Ryan Hartsell, from Oxford Partners, acted as the broker for the tenant, while Michael Martin, with Avison Young, represented the landlord during the negotiations.
NOTE FROM BROKER: Ryan Hartsell with Oxford Partners represented the tenant, Interventional Pain Specialists, in the acquisition of the lease space. The medical practice will continue to provide cutting-edge treatments for pain management within this newly secured office space.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93