Healthcare: Healthcare Realty Trust Closes on Most of NY, FL MOB Portfolio for $187.46M

At the end of 2010, Healthcare Realty Trust had acquired eight of the nine medical office buildings in the Columbia Development Companies and Columbia 90 Associates, L.L.C. Portfolio for an aggregate purchase price of $187.46 million, plus closing costs.

The Arizona-based REIT paid $92.36 million in cash and assumed $95.1 million of debt. The debt has a weighted average interest rate of 5.8% and a weighted average term of 4.6 years.

Following are the properties acquired:

1365 and 1375 Washington Ave MOBs in Albany, New York.

-These multi-tenant medical office buildings consist of approximately 81,000 square feet and 41,000 square feet, respectively. 1365 Washington Avenue is approximately 97% leased. 1375 Washington Avenue is approximately 98% leased.

The Patroon Creek MOB in Albany, New York

– Less than a quarter of a mile from the 1365 and 1375 Washington Avenue buildings, this multi-tenant medical office building consists of approximately 166,000 square feet and is more than 99% leased.

The 1092 Madison MOB in Albany, New York.

– This multi-tenant building consists of approximately 15,000 square feet and is approximately 97% leased.

Capital Region Health Park

– Located in Latham, NY, this building and is a 259,000 square foot multi-tenant medical mall. Capital Region Health Park is approximately 90% leased.

The Florida Orthopedic Institute

– Located in Temple Terrace, Florida, just outside of Tampa, the Florida Orthopedic Institute is an approximately 82,000 square foot facility and is 100% leased to a single tenant.

Putnam Ambulatory Surgery Center

– Located in Carmel, NY Putnam is a 100 percent leased, 90,000 square foot multi-tenant facility.

CDPHP Corporate Headquarters

– Located in Albany, New York and is an approximately 180,000 square foot facility. CDPHP Corporate Headquarters is 100% leased to a single tenant.

The closing of the remaining medical office building, Northern Berkshire in North Adams, Mass, is subject a number of conditions.


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