Healthcare: Rendina, HTA Complete $84.2M Transaction
WELLINGTON, Fla. – Healthcare Trust of America Inc. and Rendina Cos. have made their end-of-year deadline to finish an $84.24 million portfolio sale of five class A on-campus medical office buildings with 307,000 square feet in Florida, Arizona, New York, Nevada and Missouri.
The Arizona-based REIT previously closed on four buildings, as reported by CBL – http://tinyurl.com/2vozu8u. It now has its hands on the fifth piece of real estate, the Wellington Medical Arts Pavilion III. Rendina Cos., a Jupiter, Fla.-based developer, worked out a dir ect deal with the REIT.
The three-year-old Wellington Medical Arts Pavilion III changed hands for $12.85 million. The four-story structure has 48,000 square feet of fully leased multi-tenant space connected to the 158-bed Wellington Regional Medical Center in Palm Beach County.
In unrelated transactions for multi-tenant medical office buildings, HTA has acquired the Saint Francis Medical Arts Pavilion, a 77,300-square-foot structure in Poughkeepsie, N.Y.; 60,160-square-foot Gateway Medical Plaza in Tucson, Ariz.; 48,000-square-foot Des Peres Medical Arts Pavilion in St. Louis; and 73,300-square-foot San Martin Medical Arts Pavilion in Las Vegas.
Since the year began, HTA has acquired about $715 million of medical office and healthcare-related assets totaling 3.09 million square feet of gross leasable area. The current portfolio is 98% leased with an average remaining lease term of nine years.
The REIT also is holding purchase and sales agreements to deploy another $106 million on 490,000 square feet of medical office space.