HTA Pays $20.5M for Medical Office Buildings in Two States
Healthcare Trust of America, Inc., paid $20.5 million for three medical office buildings in San Angelo, and Corsicana, TX, and Fort Wayne, IN, the company announced.
"This acquisition allows us to continue our growth in the states of Texas and Indiana where we have an existing presence. These assets are strategically located on-campus with long-term stable tenancy," said Mark D. Engstrom, executive vice president of acquisitions at Scottsdale, AZ-based HTA, a self-managed, non-traded, real estate investment trust.
The combined 92,500 square feet of medical office space in the three buildings is already completely leased by subsidiaries of Franklin, TN-based Community Health Systems, Inc., a general acute-care hospital chain that operates or leases 122 hospitals in 29 states.
The three buildings' original developer, Atlee Development, is selling the properties with long-term leases in place. Each of the properties is less than three years old, and the acquisitions bump up the value of HTA's healthcare properties in Texas to approximately $236 million.
Since January 2009, HTA has acquired approximately $387 million in assets represented by 30 individual properties with about 1.6 million square feet. HTA's properties total approximately 6.9 million square feet and include 144 medical office buildings, six hospitals, nine skilled nursing and assisted living facilities, and four other office buildings and real estate related assets in 21 states.