Healthcare Trust Acquires Baltimore Office for $11M

BALTIMORE-Continuing its multimillion dollar acquisition spree, Healthcare Trust of America has inked a purchase and sale agreement to acquire a medical office building here for $11.2 million–its first in the city. Because the deal hasn’t closed yet it cannot discuss specifics, a spokeswoman for the REIT tells GlobeSt.com.

The MOB, the 62,000 square foot Smyth Professional Building, is 98% leased. It is attached to Good Samaritan Hospital, a wholly owned subsidiary of MedStar Health. MedStar, together with Johns Hopkins University, occupies approximately 61% of the building.

This deal, once it closes, will provide entry for HTA into a new geographic market, according to Mark D. Engstrom, the REIT’s executive vice president of Acquisitions. In addition to the existing building, HTA will acquire certain development opportunities as part of the transaction, he also says, in a prepared statement. The Scottsdale, AZ-based REIT has been very busy lately, forging several purchase and sale agreements in various corners of the country.

Last week the REIT also announced it had executed a purchase and sales agreement to acquire the 108,500-square-foot Mary Black Medical Office Building in Spartanburg, SC. The REIT will pay $16.2 million to the undisclosed seller upon closing, which has yet to be determined.

Earlier in November HTA executed another purchase and sale agreement execution to acquire the Hampden Place Medical Center building located in Englewood, CO for $18.6 million. In September, HTA expanded its footprint significantly with its closure on a 16-building portfolio from Greenville Hospital System,/a> for approximately $162.8 million.