PITTSBURGH — Healthcare Trust of America has acquired a Class A medical office building in Pittsburgh for $39 million. The property contains 229,000 square feet over six stories and is located less than a mile from Allegheny General Hospital. It was constructed in 2003. As of January 1, 2011, it will be fully leased for the following 15 years. The seller's name was not released.
ATHENS, GA. — Grubb & Ellis Healthcare REIT II has acquired Athens Long-Term Acute Care Hospital, which is located at 775 Sunset Dr. in Athens. Built in 2008, the single-tenant property offers 32,000 square feet of Class A medical office space. The property is leased by Landmark Real Estate Holdings, which is leased through 2025. Creative Health Capital represented the seller, White Oaks Real Estate Investments of Georgia, in the transaction. Grubb & Ellis Healthcare REIT II financed the acquisition using $12.3 million in borrowings under its line of credit with Bank of America and cash proceeds received from its offering.
HOUSTON — The University of Houston is expanding its health facilities by adding a six-story, 167,000-square-foot Health and Biomedical Science Center. Groundbreaking took place last week and the project is expected to be completed in mid 2012. It will add a new ambulatory surgery center to the College of Optometry as well as space for outpatient cataract surgery and LASIK surgery.
BRYAN — The $26 million Texas A&M Health Science Center on its Bryan campus, developed by Skanska HealthRealty, is expected to be completed in time for fall classes in August 2011. It will combine the Texas Brain and Spine Institute, academics of the Texas A&M Health Science Center and the Blinn College allied health programs within a simulated hospital. The facility will serve 540 students and ensure Blinn College meets new requirements that Texas schools double their enrollment of nurses in the next 5 years. BOKA Powell is designing the 130,000-square-foot, six-tenant clinical building.
TUSTIN, CALIF. — Faris Lee Investments has completed the $4 million sale of St. Joseph's Heritage Medical Group, a two-building, 10,125-square-foot medical facility located at 1095 Irvine Blvd. in Tustin. The single-tenant, outpatient facility was built in 1970 and remodeled in 1995. Faris Lee’s Jeff Conover and Richard Walter represented the Newport Beach, Calif.-based seller, PCF-Tustin LLC, in the transaction; the Orange County, Calif.-based buyer, Sig Trust, was completing a 1033 tax-deferred exchange. Faris Lee also worked with the existing lender involved with the property, Northern Trust Bank, to help Sig Trust assume the current loan at less than 6 percent.
NEW YORK AND MASSACHUSETTS — Healthcare Trust of America (HTA) has entered into agreements to acquire a portfolio of nine medical office buildings for $196.64 million. The portfolio, which totals 960,000 square feet of space, consists of properties located in Albany, N.Y.; North Adams, Mass.; and Temple Terrace, Fla. The medical office buildings are located on and off hospital campuses, and include single- and multi-tenant buildings. The average building age is 8 years. The portfolio was 98 percent leased at the time of closing. The seller's name was not released.
HOT SPRINGS, ARK. — Miami-based United Trust Fund (UTF) has completed the disposition of a three-building medical office building portfolio in Hot Springs. New York-based American Realty Capital Trust acquired the property for an undisclosed price. UTF originally purchased the assets through a sale/leaseback structure with St. Joseph's Mercy Health Care, a wholly owned subsidiary of the Sisters of Mercy Health System. Keith Broemmer of Broad Street Advisors of New York handled the transaction.
RIALTO, CALIF. — EnTrust Realty Advisors LLC has completed the sale of three medical office buildings totaling 175,059 square feet, including the two-story, 34,709-square-foot San Bernardino Medical Plaza in Rialto. Illinois-based The Westminster Funds sold the 93 percent-leased MOB to Rancho Santa Margarita, Calif.-based Redwood Real Estate Partners LLC. Completed in 1993, San Bernardino Medical Plaza features a mix of pediatric and family group practices. The other two MOB sales brokered by The Alter Group affiliate took place in Illinois and Texas.
MIAMI — Addison, Texas-based Behringer Harvard has acquired a nine-building medical office portfolio totaling more than 610,000 square feet in the Miami-Fort Lauderdale metro area. In addition to the buildings, the portfolio includes 7.8 acres of undeveloped land adjacent to the Florida Medical Center in Fort Lauderdale. The portfolio includes Gardens Medical Pavilion, a five-story, more than 75,000-square-foot medical office building at 3401 PGA Blvd. in Palm Beach Gardens; Victor Farris Building, a nine-story, 148,000-square-foot Class A property located on the campus of Good Samaritan Medical Center at 1411 N. Flagler Dr. in West Palm Beach; Palmetto Medical Plaza, an eight-story, 130,000-square-foot facility located at 7100 W. 20th Ave. on the campus of Palmetto General Hospital in Hialeah; Hialeah Medical Plaza, a five-story, 72,000-square-foot building located at 777 E. 25th St. on the Hialeah Hospital campus in Hialeah; and North Shore Medical Arts, a four-story, 56,000-square-foot property located on the campus of North Shore Medical Center at 1190 N.W. 95th St. in Miami. The portfolio also includes four medical office buildings totaling more than 207,000 square feet at Florida Medical Center in Fort Lauderdale: FMC Medical Mall, FMC North, FMC Central and FMC East. Behringer Harvard plans to invest more …
CREVE COEUR, MO. — St. Luke's Hospital has completed the development of a new urgent center/medical office center in Creve Coeur. Located at the intersection of Olive Boulevard and Old Ballas Road, the $1.5 million, 15,000-square-foot project houses St. Luke's Urgent Care and offers office space for primary care physicians and X-ray and lab services. St. Louis-based Koman Group developed the project. Clayco served as general contractor, The Lawrence Group provided architectural services and Cole Associates served as civil engineer for the project.