HR Trust to pay $173.5 million for eight Virginia MOBs

RICHMOND, Va. – Nashville, Tenn.-based Healthcare Realty Trust (NYSE: HR), a healthcare real estate investment trust (REIT), entered an agreement in June to acquire eight MOBs affiliated with Richmond-based Bon Secours Health System.

According to a U.S. Securities and Exchange Commission (SEC) filing by Healthcare Realty, the agreed upon sale price is $173.5 million. The eight buildings have a total of 595,000 square feet of space, meaning the PSF is $291.6.

However, according to New York-based Real Capital Analytics (RCA) Inc., which tracks MOB sales data nationwide, the sale price is listed at $160.7 million, for a PSF of $270.

The seller, according to RCA, is Richmond-based Woolfolk Medical Group, a healthcare facility developer. Woolfolk’s website says it has developed 54 healthcare facilities in two decades.

Included on its list of properties are several MOBs on campuses of Bon Secours hospitals. According to the Bon Secours website, the system has four acute care hospitals as well as numerous outpatient facilities.

Healthcare Realty’s website says the REIT closed on the acquisition of one of the buildings in late June. The sales price for that building, according to the REIT, was $34.8 million, including prepaid ground rent of $2.9 million.

In financing the portfolio acquisition, the REIT says it plans to assume existing mortgage debt of about $58.4 million and then invest an additional $80.3 million to close on the seven remaining buildings in the third quarter.

The occupancy rate of the portfolio, according to the REIT, is 96 percent. Seven of the eight buildings are on hospital campuses.

Health Care REIT spends $49.3 million for Florida MOBs

TOLEDO, Ohio – The Sunshine State has attracted Toledo-based Health Care REIT Inc. (NYSE: HCN) once again. The large, publicly traded REIT with quite a number of properties in Florida, recently closed on the acquisitions of three medical buildings in the Tampa area for $49.3 million

According to information included in an MOB sales report by Real Capital Analytics (RCA) Inc., the seller was Florida Medical Clinic, which has 20 locations in the Tampa area.

According to the data from RCA, the REIT acquired:

• A 44,570 square foot clinic facility at 14547 Bruce B. Downs Blvd. in Tampa.
• A 118,182 square foot building at 38117 Market Square in Zephyrhills. The price for the two-story building was $26 million, or $220 PSF.

The sale price for the two-story building was $16.6 million, or $371 PSF. The building is 100 percent occupied and the tenants include, among a variety of specialists, Florida Medical Clinic.

• A 36,760 square foot building at 13417 U.S. Highway 301 in Dade City. The one-story building sold for $6.7 million, or $183 PSF.

Health Care REIT’s overall portfolio prior to the Florida acquisitions, was composed of 229 senior housing facilities, 207 skilled nursing facilities (SNFs), 137 MOBs, 29 hospitals and six life science facilities.

UHT REIT buys two MOBs in Dallas area for $27.2 million

KING OF PRUSSIA, Pa. – Universal Health Realty Income Trust (NYSE: UHT), a publicly traded REIT based in King of Prussia, recently acquired two MOBs in Texas for a total price of $27.2 million.

The MOBs, which are located in the cities of Rowlett and Forney in the far western suburbs of Dallas, have a total of 101,950 square feet of space, making the PSF about $267.

The seller, according to information from Real Capital Analytics, was Houston-based PM Realty Group.

In Forney, UHT acquired a two-story, 50,946 square foot MOB that was completed in 2009. The price was $15 million, or $294 PSF. The building was 92 percent occupied at the time of the closing.

In Rowlett, the REIT acquired a two-story, 50,974 square foot MOB for $12.2 million, or $239 PSF. The building was 93 percent occupied at the time of the closing.

More Healthcare

Real Estate Deals

• a 55,693 square foot MOB in Huntington Beach, Calif., recently traded hands for $7.875 million. According to the brokerage firm that marketed the building, Marcus & Millichap Real Estate Investment Services, the seller was a limited liability company. While the name of the buyer was not revealed, John R. Smelter, senior director of the Healthcare Real Estate Group of Marcus & Millichap’s San Diego office, said in a news release that the buyer was a partnership. The MOB, called Center Medical Building, is located at 7677 Center Ave. in a “Class A” office park near the Bella Terra Mall. The four-story building was completed in 1985 and includes 25 suites that are 78 percent occupied. Tenants in the building include Talbert Medical Group, Atlantis Eye Care, and Select Medical Ventures Imaging. According to a recent listing on LoopNet, an online commercial real estate listing service, the offered price had a cap rate of 7.45 percent based on in-place income, not pro forma.

• According to local news reports in Tennessee, a company called Susquehanna Holdings Co. recently acquired a two-building medical office park in Franklin, outside of Nashville. The firm acquired the buildings, located at 1009 and 1021 Windcross Ct., for $23 million, or about $173 PSF. The sellers were a pair of partnerships, AIM #1 and AIM #2. The three-story, 133,200 square foot, class A MOBs were built in 1999 and 2004. At the time of sale, the property was 100 percent occupied by United Healthcare on a triple-net lease through 2018. Scott Taylor and Drew Babcock, of the Marcus & Millichap office in Columbia, S.C. represented Susquehanna Holdings. Joseph Massa, of the Marcus & Millichap office in Brentwood, Tenn., represented the sellers.