Healthcare Trust of America Invests $63 Million In South Florida Medical Office Buildings
Area Development Online News Desk (09/23/2013)
A real estate investment trust, Healthcare Trust of America, Inc., acquired 6 on-campus medical office buildings located in South Florida for approximately $63 million. These MOBs total over 428,000 square feet and are located in the Miami, Ft. Lauderdale, West Palm Beach markets.
All the medical office buildings are located on-campus with hospitals affiliated with Tenet Healthcare and were approximately 88 percent occupied at closing. "We are excited to enter into the South Florida market in a significant way. These are the type of high-quality, on-campus MOBs that we believe will be core, critical real estate as healthcare continues to expand and evolve in this country," stated Chairman and CEO Scott D. Peters. "This is especially true in the South Florida market which continues to grow in population, remains a premier retirement destination, and will significantly benefit from the Affordable Care Act as it unfolds."
HealthCare Trust said its investment is anchored by the Victor Farris Medical Office Building, a 153,000 square foot, class-A MOB in West Palm Beach, Florida. It is located on the Intercoastal Waterway and is the only MOB attached to the Good Samaritan Hospital. The Victor Farris MOB was approximately 86 percent occupied at closing.
It also includes the Palmetto Medical Plaza, a 135,000 square foot, class-A MOB that is attached to the Palmetto General Hospital in the Miami suburb of Hialeah, Florida. The Palmetto Medical Plaza was approximately 90 percent occupied at closing and features a mix of hospital and physician tenancy.
The remaining Florida properties total 140,000 square feet. These include the North Shore Medical Arts building, a multi-tenant medical office building attached to the North Shore Medical Center in Miami, and three properties on the Florida Medical Center campus in Ft. Lauderdale. These properties feature a mix of hospital and physician tenancy.