HTA’s Second Acquisition for 2011, a Medical Office Park in Cary, NC

January 04, 2011 / Elizabeth Buckley, Commercial Property Analyst

The HTA or the Healthcare Trust of America has purchased its second commercial property acquisition of 2011, a medical office park located in Cary, a suburban town in Raleigh, North Carolina. The medical office park called Medical Park of Cary consists of nine multi-tenant office buildings, with a total of about 153,000 square feet.

HTA’s Second Acquisition for 2011, a Medical Office Park in Cary, NC

The medical office park is purchased by HTA for pproximately $28,200,000. Eight of the eight of the nine medical office buildings in the medical office park are single-storey. The ninth is said to be three-storey building.

All the nine office buildings in the medical office park are located next to WakeMed Cary Hospital, which is the single full-service hospital in the whole of Cary, North Carolina.

Major long-term tenants in the medical office park include Raleigh Orthopedic Clinic, Cary Healthcare Associates, Cancer Centers of North Carolina, and Wake Radiology Oncology Services.

According to Mark D. Engstrom, HTA’s Executive Vice President of Acquisitions, the company has been actively identifying locations where there is a strong economic fundamental and known healthcare provider like the WakeMed Cary Hospital.

The company, since January 1, 2010 has acquired more or less $807 million healthcare-related properties, including the 3.5 million square feet of net rentable area in 2010, which is 98 percent leased for the next 8 years, on average. HTA has acquired two medical office buildings and a multi-state hospital in December 2010.

The medical office park in Cary is HTA’s second medical-related facility acquisition for 2011 in North Carolina, and will be looking for additional medical-office properties in the area.

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