Healthcare: Healthcare Trust expands its reach
By KATHERINE FESER for Houston Chronicle
Healthcare Trust of America has acquired an 84 percent interest in the partnership that owns the 7900 Fannin medical office building for $38.1 million.
The four-story building is adjacent to The Woman’s Hospital of Texas and was built in 2005. The building contains 176,000 square feet and is fully leased to 23 tenants with Obstetrical and Gynecological Associates occupying 85,000 square feet. Ten of the original 22 physician investors remain as limited partners with a combined stake of 16 percent.
Earlier this year, the Scottsdale, Ariz.-based real estate investment trust acquired medical office buildings in Sugar Land and Pearland. The deal brings Healthcare Trust’s portfolio to more than 700,000 square feet in the Houston area.
Medical office buildings have fared better than the general office market in the Houston area. The vacancy rate for medical buildings stood at 11.5 percent in the second quarter, compared with 16.6 percent for the overall market, according to Grubb & Ellis.