SCOTTSDALE, AZ/PRNewswire/ -- Healthcare Trust of America, Inc. ("HTA"), a self-managed, non-traded, real estate investment trust announced that it has acquired the fifth medical office building of a five-building portfolio (the "Portfolio").
The purchase price for the entire Portfolio was approximately $84,240,000.
HTA had previously acquired four buildings from the owner and developer, Rendina Companies, which brought the transaction directly to HTA.
The 98% leased Portfolio has a weighted average remaining lease term in excess of eight years and is comprised of five Class A on-campus medical office buildings totaling approximately 307,000 square feet.
The on-campus buildings are located in five states including Florida, Arizona, New York, Nevada, and Missouri.
This announcement coincides with the completed acquisition of the fifth building known as the Wellington Medical Arts Pavilion III ("Medical Arts Pavilion").
HTA recently announced the completed acquisition of Gateway Medical Plaza (lower left photo), an approximately 60,160 square foot on-campus multi-tenant medical office building located in Tucson, Arizona; Des Peres Medical Arts Pavilion (lower right photo), an approximately 48,000 square foot on-campus multi-tenant medical office building located in St. Louis, Missouri; San Martin Medical Arts Pavilion (middle right photo), an approximately 73,300 square foot on-campus multi-tenant medical office building located in Las Vegas, Nevada; and Saint Francis Medical Arts Pavilion (middle left photo), an approximately 77,300 square foot on-campus multi-tenant medical office building located in Poughkeepsie, New York.
The Medical Arts Pavilion is an on-campus four-story medical office building that has been acquired for approximately $12,825,000.
Located in Wellington, Florida, the Medical Arts Pavilion is an approximately 48,000 square foot multi-tenant medical office building that was completed in 2007 and is connected to Wellington Regional Medical Center (top left photo) ("WRMC"), a 158-bed acute care hospital that has been providing healthcare services to the residents of Palm Beach County since 1986 and is a part of Universal Health Services, Inc. (Moody's credit rating of "Ba2").
The Medical Arts Pavilion is 100% leased and includes WRMC as a significant tenant, as well as other prominent affiliated tenants.
"This acquisition reflects HTA's continued success in securing direct transactions from our strong industry relationships.
This portfolio typifies our 2010 acquisitions as it has significant size, geographic diversification in strong markets, stabilized occupancy, and minimal near-term lease expiration exposure," stated Mark D. Engstrom (top right photo), Executive Vice President of Acquisitions for HTA.
"We have positioned HTA such that we work very well with all types of medical office owners and are both creative and flexible in our approach to structuring transactions".
Since January 1, 2010, HTA has acquired approximately $715 million in medical office and healthcare related assets based on acquisition price, including 3.09 million square feet of gross leasable area in 2010, which is 98% leased with an average remaining lease term of 9 years.
In addition, HTA has executed Purchase and Sale Agreements on additional medical office buildings and healthcare-related assets totaling approximately $106 million and approximately 490,000 million square feet.
For more information on HTA, please visit http://www.htareit.com/ .
Contacts:
both of Healthcare Trust of America, Inc.; or
DENVER, CO, Dec. 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired James Coleman (top right photo) and Brian Haggar (middle left photo) as investment specialists in the Denver office, according to Michael Hoffman (lower right photo) a first vice president of the firm and regional manager of the Denver office.
