In a transaction that came to light in recent weeks, Scottsdale, AZ-based Healthcare Trust of America Inc. (NYSE: HTA) made quite a large medical office building (MOB) portfolio acquisition in late 2013.

The healthcare-focused real estate investment trust (REIT) landed seven MOBs with 364,560 square feet of space in $123.8 million transaction. The price per square foot was about $340.

HTA Officials say the deal was completed in an off-market transaction that, unlike numerous other deals in the marketplace, did not involve an auction-like bidding process. The seller was Boca Raton, FL-based The Greenfield Group, a longtime developer and owner of MOBs. Six of the buildings are in Greenfield's home state while the other is in Fort Wayne, IN.

The portfolio is 98 percent leased with tenants that include hospitals that are part of Nashville, TN-based HCA holdings Inc.'s Florida divisions and Franklin, TN-based Community Health Systems Inc. (NYSE: CYN). Other tenants include a regional, independent hospital system, Jupiter (FL) Health, and a number of physician practices. According to HTA, the tenant leases include limited near-term rollover through 2018.

Representing Greenfield in the transaction was E. Hunter Beebe of New York-based Healthcare Real Estate Capital (HRE Cap).

As noted, HTA officials say they landed the deal in much the same way they've landed others, through developing a relationship with a regional developer, in this case 20-year-old The Greenfield Group.

“Part of our strategy of being listed as a public REIT in 2012 was to be able to work with local and regional developers who want an attractive place to sell their assets and not have a company like us – we're not a developer – compete with them on any future developments,” says Mark Engstrom, HTA's executive VP of acquisitions.

He adds that HTA has completed a number of deals with “significant” developers in growth regions of the country, such as Florida.

“Because of our history in the space, as well as the history of a developer like Greenfield, there's a natural alignment that can bring organizations like ours together to have a conversation,” Engstrom notes. “And in order to get deals done in this competitive marketplace, a company like ours has to have alignments like that – with developers who have relationships in their markets and future platforms. From there, if we find that common alignment, it's a matter of structuring a deal that allows both of us to find what we're looking for.”

For HTA, the acquisition capped off a year, 2013, in which it acquired a total $398 million worth of MOBs, based on purchase price.

Of the total square footage the company added to its portfolio in 2013, about 51 percent is in Florida. Since its start as an untraded REIT in 2006 – it became listed on the New York Stock Exchange (NYSE) in summer 2012 – HTA has invested more than $2.8 billion, primarily in MOBs. Its facilities have about 13.6 million square feet and are located in 27 states.