Healthcare Trust of America, Inc. has executed the purchase and sale agreement to acquire two medical office buildings in Phoenix, Arizona for approximately $32,750,000.
The real estate company is a fully integrated, self-administered, self-managed real estate investment trust. The closing of the acquisition remains subject to the satisfaction of a number of conditions.
The 118,000 square feet Desert Ridge Medical Campus consists of two Class A, three-story, multi-tenant medical office buildings and a two-level parking structure.
Approximately 88 percent of Desert Ridge Medical Campus is occupied with a weighted average lease term of approximately 6.15 years. It has two surgery centers, including Desert Ridge Outpatient Surgery which is a joint venture with Catholic Healthcare West.
The medical office is located within the Desert Ridge Community, a master-planned residential community that is home to Desert Ridge Marketplace, one of Arizona’s premier shopping, dining and entertainment destinations with over 110 retailers and restaurants.
Desert Ridge Medial Campus is also located near three major hospital campuses including John C. Lincoln at Deer Valley Campus, Scottsdale Healthcare at Thompson Peak Campus and the Mayo Clinic Hospital.
“These are two premier Class A properties with established physician referral networks located in a highly visible location,” stated Mark D. Engstrom, Executive Vice President of Acquisitions for HTA. “This acquisition will extend HTA’s position as the largest owner of medical office buildings in Arizona with over 1.37 million square feet”.
Since its formation in 2006, the real estate company has made 78 geographically diverse acquisitions valued at approximately $2.3 billion based on purchase price, which includes 242 buildings and two other real estate-related assets. HTA’s portfolio totals approximately 11.1 million square feet and includes 218 medical office buildings, ten hospitals, nine skilled nursing and assisted living facilities and five healthcare-related office buildings located in 25 states.