MIAMI—Healthcare Trust of America, Inc. has acquired six medical office buildings in South Florida. The healthcare REIT paid $63 million for the healthcare real estate.
The medical office buildings span more than 428,000 square feet and are located in the Miami, Fort Lauderdale, and West Palm Beach markets. All of the healthcare real estate assets are on campus with hospitals affiliated with Tenet Healthcare.
"We are excited to enter into the South Florida market in a significant way,” says Healthcare Trust chairman and CEO Scott D. Peters. “These are the type of high-quality, on-campus MOBs that we believe will be core, critical real estate as healthcare continues to expand and evolve in this country. This is especially true in the South Florida market which continues to grow in population, remains a premier retirement destination, and will significantly benefit from the Affordable Care Act as it unfolds."
Victor Farris Medical Office Building, a 153,000-square-foot, class A medical office building in West Palm Beach, anchors the investment. It is located on the Intercostal Waterway and is the only medical office building attached to the Good Samaritan Hospital. The Victor Farris medical office building is about 86% occupied.
The investment also includes the Palmetto Medical Plaza, a 135,000-square-foot, class-A medical office building that is attached to the Palmetto General Hospital in the Miami suburb of Hialeah, FL. The Palmetto Medical Plaza was about 90% occupied and features a mix of hospital and physician tenancy.
The remaining Florida medical office buildings total 140,000 square feet. These include the North Shore Medical Arts building, a multi-tenant medical office building attached to the North Shore Medical Center in Miami, and three healthcare real estate properties on the Florida Medical Center campus in Ft. Lauderdale. These properties feature a mix of hospital and physician tenancy.
With this transaction, Healthcare Trust has now invested about $242 million in 2013. This represents a 9% expansion of its asset base.
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