Medistar recently sold 9.2 acres within ParkWest Business Park located on the north side of Interstate 10 West at Katy Ft. Bend Road. Berkadia’s Greg Austin brokered the deal on behalf of Lennar Multifamily Communities and David L. Cook and the Cushman & Wakefield Team represented Medistar.
Cushman & Wakefield is marketing the 150-acre mixed use, master planned development for Medistar and credits the recent growth of ParkWest in part to the completion of the Grand Parkway, frontage on I-10 West, and the presence of Colonial Parkway, which ties into Park Row and runs directly through the property. Because ParkWest lies outside the City of Katy but in Katy ISD, it enjoys development advantages.
“We are thrilled to see continued growth in the Katy Area,” said Lance LaCour, CEO/president of the Katy Area Economic and Development Council. “Development projects continue to make the Katy Area a better place to live and a better place to work.”
ParkWest Business Park’s impressive list of area neighbors includes the recently expanded Memorial Hermann Katy Hospital, Costco, JCPenney, and Katy Mills Mall.
Medistar is developing 30 – 40 acres in ParkWest in partnership with The Retail Connection. The Partnership will develop a power center to house Bed, Bath and Beyond, DSW, Kirkland’s, DXL, and other retailers. The Retail Connection plans to expand to another 40+ acres within ParkWest.
Medistar and Cushman & Wakefield have multiple projects pending in ParkWest, including hotels, a high end office / warehouse for a distribution company, a skilled nursing facility and another retail center. Discussions are currently underway for a corporate office building and another multifamily project.
“From the outset, Medistar has remained fully committed to developing ParkWest as a vibrant, best-of-class mixeduse destination that adds tremendous value to the Katy Area for years to come,” said Monzer Hourani, the founder and chief executive officer of Medistar Corporation.
Medistar is a full-service real estate development company that specializes in the design, land development, financing, acquisition and construction of office, hotel, retail, and medical office buildings; hospitals; long-term acute care hospitals (LTACH); and other medical facilities for the healthcare, biotech and pharmaceutical industries.