The REIT acquires a 106,092 s.f. MOB in Greenwich; Newmark brokers the sale
By John B. Mugford
Healthcare Realty Trust has acquired the 106,092 square foot Greenwich Medical Center at Holly Hill, an outpatient campus at 75 Holly Hill Lane in Greenwich, Conn., for $65 million, or $612 PSF, with a cap rate said to be the low-6 percent range. (Photo courtesy of Newmark)
Ever since Nashville, Tenn.-based Healthcare Realty Trust (NYSE: HR) acquired Healthcare Trust of America in mid-2022, which brought its portfolio to well over 40 million square feet of medical outpatient building (MOB) space, it has been in sales mode, not buying mode.
During the past four years or so, Healthcare Realty has disposed of more than $3 billion worth of assets and reduced its portfolio to about 32.8 million square feet of space.
The dispositions, as well as other changes that are part of a new strategy called “Healthcare Realty 2.0,” have put the real estate investment trust (REIT), which now has 90 percent of its owned portfolio located in the country’s top 50 markets, in a position to make strategic acquisitions.
The REIT made just such an acquisition recently, purchasing
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