Medical Office REIT Acquiring MOBs in $86M, Multistate Deal

SCOTTSDALE, Ariz. — Healthcare Trust of America, Inc., a real estate investment trust, acquired three medical office buildings of a five-building portfolio for an acquisition price of $56.9 million.

 

The purchase price for the entire portfolio — which HTA is in the process of acquiring — is approximately $86.1 million. Since January, HTA has acquired approximately $412.3 million in medical office and healthcare related assets.

 

The 98% leased portfolio is comprised of five Class A, on-campus medical office buildings totaling approximately 307,000 square feet and are located throughout Florida, Arizona, New York, Nevada, and Missouri.  The buildings’ owner and developer, Rendina Cos., brought the transaction directly to HTA and acted as the seller of the portfolio.  To date, HTA has closed on the New York, Nevada and Missouri properties expects to close on the Florida and Arizona locations by the end of the year.

 

“This Portfolio acquisition is significant because of its size, geographic diversification, and long-term stability with strong tenants,” says Mark D. Engstrom, executive vice president of acquisitions for HTA.  “Acquiring portfolios from national MOB developers provides HTA with properties that include the latest medical office design and technology to accommodate future changes in health care delivery.”

 

The properties acquired by HTA to date in 2010 are made up of 1.9 million feet of gross leasable area, and is 98% leased with an average remaining lease term of 8.2 years.  In addition, HTA has executed Purchase and Sale Agreements on additional medical office buildings and healthcare-related assets totaling approximately $392 million and approximately 1.5 million square feet.