In Houston, the REIT will acquire a 92,420-sf, long-term, acute-care hospital in Webster and a 79,040-sf professional medical office plaza near the Texas Medical Center district. In San Antonio, Windrose picked up a 60,070-sf medical plaza from E1-PV Ltd. and Rose Hill Meadows Ltd. The facilities are operating at 100% occupany.
According to Fred Farrar, Windrose's president and COO, the properties represent strong investments for the REIT and a good addition to its Texas portfolio, which includes facilities in El Paso and Dallas. He tells GlobeSt.com that renovations are underway on the properties, which were developed between 1995 and 2005. "We'd expect these to be class A properties," he adds. "We like quality assets of these types."
Under the purchase agreement, the sellers will get about $5.6 million in limited partnership units. Each operating unit is valued at $15 apiece. According to a Windrose press release, the acquisition plan calls for borrowing $48 million to $50 million to close the deal for the free-and-clear assets.
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