(HOUSTON, TX) – Rycore Capital, on behalf of a Tracy and CleRenda McGrady, acquired a ~38,000 Class B multi-tenant medical office property in Humble, Texas. The acquisition was completed through its direct investment advisory business. Mr. McGrady, a former Houston Rocket and NBA Hall of Fame athlete, and CleRenda have formed a new real estate venture to acquire income producing assets in a targeted portfolio approach.
Rycore Capital will provide asset management services to the new venture and advise on operating and financial matters. Mike Navarro of Shackelford, Bowen, McKinley & Norton LLP represented the buyer as legal counsel.
The McGradys are a long-time client of Kafi Slaughter, a Houston based Wealth Advisor for Bank of America Private Bank. Bank of America originated acquisition financing for the transaction as well. The property is two-story multi-tenant office building with an array of medical provdiers serving the surrounding Humble area.
“We are pleased to have executed on this acquisition, offering Tracy and CleRenda access to a medical office property that has significant upside through leasing and professional management. The property fit with the investment objectives and should provide income and diversification benefits”, said Ryan Urech, Founder and CEO.
About Rycore Capital LP
Rycore Capital LP (the “Firm”) is a Houston-based real estate investment manager with approximately $200 million AUM, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to our tenants while providing our investment partners with consistent value-add, core-plus and core returns. The Firm offers two investment platforms to investors: Fund Management and Direct Investment Advisory. The Firm aims to provide a solution with its institutional quality real estate investment management process to high net worth, family office and institutional investors. For more information regarding Rycore, visit the Company’s website at www.rycorecapital.com.