HTA executes purchase and sale agreement to acquire three building medical office portfolio

Dec 5 2009

Healthcare Trust of America, Inc. ("HTA"), a self-managed, non-traded, real estate investment trust, announced the execution of a purchase and sale agreement to acquire a three building medical office portfolio located in San Angelo, Texas, Corsicana, Texas, and Fort Wayne, Indiana for approximately $20,500,000. The closing of the acquisition is subject to the satisfaction of a number of conditions.

The approximately 92,500 square foot portfolio is 100% leased to community hospitals, which are all wholly-owned subsidiaries of Community Health Systems, Inc., a national healthcare service provider based in Brentwood, Tennessee. Through its subsidiaries, Community Health Systems, Inc. owns, operates or leases 122 hospitals in 29 states, with an aggregate of more than 18,000 licensed beds. The original developer, Atlee Development, is selling the recently developed portfolio with long-term leases in place.

"This acquisition allows us to continue our growth in the states of Texas and Indiana where we have an existing presence. These assets are strategically located on-campus with long-term stable tenancy," stated Mark D. Engstrom, HTA's Executive Vice President of Acquisitions.