SCOTTSDALE, AZ-Locally based Healthcare Trust of America Inc. acquired the 130,000-square-foot Forest Park Tower from the office building's developer for $48.7 million. The buy is HTA's second on-campus medical building acquired from affiliates of Forest Park Realty Partners III LP.
The Tower was 100% leased at closing. Tenants at the medical office building at 11970 N. Central Expressway/US 75 include members of the Forest Park physician partnership (which also developed and owns the adjacent 66,100-square-foot Forest Park Medical Center) and individual physician tenants. Forest Park also operates a hospital in Frisco, TX and has other hospitals under development.
"The acquisition of the Forest Park Tower is the type of high-quality, on-campus MOB in which HTA seeks to invest. It allows us to continue our expansion in the Dallas marketplace with a strong, existing health system that continues to grow and innovate," says HTA chairman and CEO Scott D. Peters in a press release. The acquisition was funded with proceeds raised through the company's equity at-the-market program raised in March.
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