Lillibridge and Inkana officials couldn't be reached byGlobeSt.com's publication deadline to learn the price. However,Birmingham -area brokers familiar with recent medical officebuilding transactions, tell GlobeSt.com that the portfolio wasprobably priced in the $200-per-sf range at the minimum. That wouldgive the transaction an estimated $90-million tag and easily makeit below-replacement cost, brokers point out.

Birmingham brokerage sources tell GlobeSt.com that they basedtheir $90-million estimate on Governors Medical Tower, afive-story, 125,000-sf, $30-million medical office structure thatInkana plans to erect on land owned by Huntsville Hospital atGovernors Drive and Gallatin Street in Birmingham. Thatper-sf-price comes to $240 per sf. Brokers say medical officebuildings regionally and nationally are being constructed in the$250 per-sf to $400 per-sf range, depending on the special medicalequipment involved.

Lillibridge's acquisition comprises Medical Office Building 48,built in 1989 and containing 116,972 sf; Medical Office Building52, built in 1985 totaling 104,000 sf; and Regional Care Center 46,constructed in 2004 and totaling 227,237 sf. The acquisitionincreases Lillibridge's owned, leased and managed portfolio to 24on-campus buildings totaling more than 1.7 million sf on five majorAscension Health Hospital grounds in Indianapolis, Kansas City,Austin, TX, Kalamazoo, MI and Birmingham.