HTA Acquires Medical Office Building in North Carolina

November 16, 2010 / Elizabeth Buckley, Commercial Property Analyst

A worth $16,650,000 medical office building, Raleigh Medical Center in Raleigh, North Carolina, was acquired by the Healthcare Trust of America, Inc. The three-story multiple-tenant 89,000 square foot medical office building is located in Raleigh’s Research Triangle and near the Rex Healthcare’s Main Campus in North Carolina.

HTA Acquires Medical Office Building in North Carolina

Raleigh Medical Center, the medical office building is 91 percent rented by clinical health office renters, which have an average outstanding leasing period of 7 years.

The prime tenants for the medical office building are Carolina Hearing and Ear Clinic, Triangle Orthopedic Associates, and Wake Research Associates. The tenants occupy just about 65 percent of the medical office building.

According to Healthcare Trust of America’s Executive Vice President of Acquisitions Mark D. Engstrom, the company proactively identifies prospects where economic essentials are strong, especially when a medical office building is connected with a prime healthcare provider like Rex Healthcare.

Rex Healthcare is an associate of the State of North Carolina’s integrated health care system that is non-profit— UNC Health Care. It is Wake county’s leading employers, with about 4,000 employees. The Healthcare has three wellness centers, a care hospital with 665 beds, 2 experienced nursing facilities, and a high end surgery center. It also has urgent and outpatient diagnostic centers.

The Raleigh Medical Center is the company’s first location in North Carolina. HTA is still seeking openings to acquire Class A medical office building in North Carolina’s real estate market.

Since the first month of 2010, Healthcare Trust has acquired, based on acquisition price, a total of $412.3 million in healthcare related properties and medical office building.

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