HTA acquires 6 on-campus medical office buildings in South Florida

Sep 23 2013

Healthcare Trust of America, Inc. (NYSE: HTA) ("HTA") today announced it had acquired 6 on-campus medical office buildings ("MOB") located in South Florida for approximately $63 million. These MOBs total over 428,000 square feet and are located in the Miami – Ft. Lauderdale – West Palm Beach markets. They are all located on-campus with hospitals affiliated with Tenet Healthcare and were approximately 88% occupied at closing.

With this transaction, HTA has now invested approximately $242 million in 2013. This represents a 9% expansion of HTA's asset base.

"We are excited to enter into the South Florida market in a significant way. These are the type of high-quality, on-campus MOBs that we believe will be core, critical real estate as healthcare continues to expand and evolve in this country," stated Chairman and CEO Scott D. Peters. "This is especially true in the South Florida market which continues to grow in population, remains a premier retirement destination, and will significantly benefit from the Affordable Care Act as it unfolds."

This investment is anchored by the Victor Farris Medical Office Building, a 153,000 square foot, class-A MOB in West Palm Beach, Florida. It is located on the Intercostal Waterway and is the only MOB attached to the Good Samaritan Hospital. The Victor Farris MOB was approximately 86% occupied at closing.

It also includes the Palmetto Medical Plaza, a 135,000 square foot, class-A MOB that is attached to the Palmetto General Hospital in the Miami suburb of Hialeah, FL. The Palmetto Medical Plaza was approximately 90% occupied at closing and features a mix of hospital and physician tenancy.

The remaining Florida properties total 140,000 square feet. These include the North Shore Medical Arts building, a multi-tenant medical office building attached to the North Shore Medical Center in Miami, and three properties on the Florida Medical Center campus in Ft. Lauderdale. These properties feature a mix of hospital and physician tenancy.