Houston-based Kelsey-Seybold has leased 3.77 acres to develop a clinic at the Grand Morton Town Center, located at the intersection of SH 99 and Morton Ranch Road in Katy, according to a press release.
The land, leased from NewQuest Properties, will accommodate the two-story, 37,000-square-foot clinic, but the multispecialty clinic system secured enough land to expand the Kelsey-Seybold Morton Ranch Clinic by 17,000 square feet in the future, according to the release.
"It's convenient for patients to have retail and restaurants within walking distance of a medical facility of this size and caliber," said Ashley Strickland, vice president of NewQuest Properties Healthcare & Wellness Division, in the release. "As for our project, the Kelsey-Seybold Morton Ranch Clinic will ensure long-term sustainability by adding to the development's continued steady base of customers."
Strickland said co-tenanting across retail, restaurant and medical sectors has been a strong trend in the health care industry in recent years.
"We've never been busier,” she said. “In the past six months, we've signed or are working on 80,000 square feet of medical-related transactions in retail settings."
The lease is the result of negotiations between Kelsey-Seybold and the NewQuest Healthcare Division. NewQuest Vice President Josh Friedlander and Senior Vice President Rebecca Le leased the Grand Morton Town Center’s 91 acres, the release said.
Grand Morton Town Center’s regional and national tenants are anchored by a 123,500-square-foot Kroger Marketplace and a 186,900-square-foot Wal-Mart superstore. Tenants log some of the highest annual sales volumes for their brands largely because of the location with a population of 403,433 residents.
"Kelsey-Seybold will open a multidisciplinary medical facility with a great deal of advanced medical and specialty services,” Strickland said. “That's why we saw this as a natural fit within our project. It is mutually beneficial."