Healthcare Trust of America, Inc. (NYSE:HTA) announced today that it had closed on approximately $89 million of investments in August 2014, increasing its total investment activity to approximately $300 million in 2014. This represents an approximate 10 percent portfolio growth rate year.
These third quarter acquisitions includes two separate investments in medical office buildings (“MOBs”) located in the attractive markets of Westchester County, NY and Charleston, SC. These properties total over 250,000 square feet and were approximately 94% occupied at closing. In addition, the properties are located in or near HTA’s existing key markets, will be operated by HTA’s property management and leasing platform, and are immediately accretive to shareholders.
In Westchester, HTA acquired a destination medical campus that includes five MOBs totaling 188,500 square feet located in one of the wealthiest counties in the country. This campus is part of a high traffic, regional medical corridor and is immediately adjacent to the new Memorial Sloan Kettering Cancer Center-West Harrison opening next month. The campus also includes sufficient land to support the development of a new MOB to meet the growing regional demand.
In Charleston, HTA acquired the Tides Medical Arts Building, a 69,000 square foot class A MOB located near the foot of the Ravanel Bridge which connects Mt. Pleasant and Charleston. The Tides MOB was developed in 2006 and was purchased from multiple physician group tenants. Tides MOB also serves as one of the primary outpatient centers for Roper St. Francis Healthcare-related physician groups in Mt. Pleasant. The asset is 100 percent leased with an average lease term of 7 years with strong imbedded annual rent growth. This investment is in close proximity to HTA’s existing regional office downtown Charleston and expands the company’s Charleston presence to over 176,000 square feet.
GPE Commercial Advisors has secured the exclusive leasing assignment for a new office/medical project being developed by The Mahoney Group in one of Phoenix’s highest-growth areas. The Mahoney Group, Arizona’s largest independent Insurance agency, will be relocating one of their Phoenix offices to the new project.
This new Class A building will be located on the northeast corner of 19th Ave and Loop 101—ideally situated between Route 101 and the I-17, within one mile of the John C. Lincoln Deer Valley Hospital.
“There is a substantial need for large contiguous space in this area for medical and professional tenants,” said GPE Senior Vice President Alexandra Loye. “The freeway frontage, visibility and signage opportunity will attract the highest quality users to this project. Located directly off the 101 freeway, with easy access to all areas in the Valley as well as close proximity to the hospital make it the perfect location.”
The two-story, 47,000 square foot Mahoney Professional Building will be completed by September, 2015. Alexandra Loye, Bret Isbell and Julie Johnson are the listing brokers on this premier project.
Johnson said the Deer Valley region has a high demand for physicians that will only increase in the near future. “With the proximity to the John C. Lincoln Deer Valley hospital campus as well as the attractive demographics of the area this is an excellent location for physicians to locate,” she said. “And as a fast-growing area with many new families, there will be increasing need for family practitioners and OB/GYNs in addition to other specialties.”
“This building is unique and exciting,” said Loye. “There has been virtually no new spec construction over the last few years, and physicians’ space requirements have changed. This new project combines large floor plates, technology and the data infrastructure that doctors need to be efficient and effective in this changing healthcare environment.”
Healthcare Trust of America, Inc. (HTA) announced today that Executive Vice President of Asset Management, Amanda Houghton, was interviewed by Seeking Alpha in an article published today. Ms. Houghton discussed the company’s in-house property management and leasing platform that was started in 2010 which now operates and leases over 12.6 million square feet of medical office space. Ms. Houghton illustrated the direct impact that this platform has on HTA’s tenants, health system partners, and bottom line, demonstrated by its six consecutive quarters of same store growth of 3 percent or better.
Watch the video here.
CBRE has completed the sale of three units within the Mountain View Office Suites located at 9787 N. 91st St. in Scottsdale. The 10,137 SF medical office building commanded a sale price of $2.1M.
Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office represented the seller, Phaedrus LLC of Scottsdale. The buyer, Holladay, Utah-based SH Property LLC, was represented by Bob Winegar and Lance Richards with Pierpont Equity Group in Phoenix.
“Due to the quality tenants and the proximity to Scottsdale Healthcare’s Shea campus in north Scottsdale, the asset received a lot of interest from prospective buyers,” said Fosberg. “We continue to see improvement in the Phoenix office market after our second consecutive quarter with declining market vacancy rates.”
Mountain View Office Suites is located in the heart of north Scottsdale. The medical office building was 100% leased at time of sale and is anchored by the successful Scottsdale Endoscopy Center. Additional tenants include a newly relocated dental practice
and the Valley Sleep Center, which is dedicated to diagnosing and treating sleep disorders through its five metro Phoenix locations.