NHP ACQUIRES MOB PORTFOLIO FOR $211 MILLION

NEWPORT BEACH, CALIF. Ń Newport Beach-based Nationwide Health Properties (NHP) has acquired a majority interest in a five-property California medical office portfolio for $211 million. The seller is California limited liability company Pacific Medical Buildings and some of its affiliates. For the first property, NHP acquired a 65 percent interest in a 140,000-square-foot facility located in Mission Viejo. Its joint venture partner in the property is Mission Hospital Regional Medical Center. NHP paid $67.3 million for the stake, including the assumption of $48.1 million in debt, $14.2 million in cash and $5 million in ownership units of the partnership. NHP purchased a 69 percent interest in a 130,000-square-foot facility located in Orange from a physicians group associated with St. Joseph Hospital of Orange. The $62.3 million purchase price includes the assumption of $50.2 million in debt, $14.2 million in cash and $4 million in ownership units of the partnership. In Pasadena, NHP purchased a 71 percent interest in a 190,000-square-foot facility through a joint venture with a Pacific Medical affiliate. As part of the deal, NHP provided a $56.5 million mortgage loan, of which $49.8 million has been funded; a $3 million mezzanine loan; and $13.5 million in cash. NHP also has an agreement in place under which it may acquire the remaining interest in the joint venture if conditions are met. Finally, NHP purchased the remaining 55 percent interest in an affiliate of Pacific Medical that owns two medical office buildings in San Bernardino totaling 130,000 square feet. The company paid $2.6 million in cash and assumed $6.2 million in debt. All five properties will be managed by PMB Real Estate Services, which is a 50/50 joint venture between NHP and Pacific Medical. Ń Coleman Wood