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Transactions: HTA enters Chicago market

REIT pays $40 million for 8 floors of tower across from Northwestern Memorial

By John B. Mugford

HTA recently acquired the first eight floors of the Streeterville Center building across the street from Northwestern Memorial Hospital in Chicago. The publicly traded REIT paid $40 million for 82,185 square feet of mostly medical condo space in the building, or $487 per square foot. (Photo courtesy of Streeterville Center LLC)

Aside from Welltower Inc.’s (NYSE: WELL) $1.25 billion purchase of 55 medical office buildings (MOBs) from CNL Healthcare Properties on May 15, there has been a bit of a dearth of large healthcare real estate (HRE) deals in recent weeks.

But as part of our ongoing effort to monitor HRE sales, Healthcare Real Estate Insights recently spotted a recent acquisition by Scottsdale, Ariz.-based Healthcare Trust of America (NYSE: HTA) that certainly qualifies as a significant deal – and an interesting one to boot.

HTA recently closed on the $40 million purchase of an office condominium comprising the first eight floors of the 26-story Streeterville Center at 233 E. Erie St. in downtown Chicago, according to commercial real estate research firm Real Capital Analytics Inc. (RCA) and Arnold, Md.-based HRE data specialist Revista. The transaction closed June 6, according to Revista data. No broker information was disclosed.

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