Healthcare Trust of America (HTA) Closed $187M of MOB Investments in Q3
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Healthcare Trust of America, Inc. (NYSE: HTA) announced that it closed on approximately $187 million of medical office buildings (MOBs) investments thus far in the third quarter. These investments include the $150 million acquisition in the fee simple interest in four MOBs located on the St. Joseph Health – Mission Hospital Campus in Orange County, California, part of the Providence Healthcare Network. For the year, HTA has now invested over $600 million in medical office buildings totaling 2 million square feet, almost 60% of which were located on-campus.
Mission Viejo, California
The Company acquired four multi-tenant medical office buildings totaling over 262 thousand square feet for approximately $150 million in the affluent, high barrier-to-entry market of Mission Viejo, California. This was a fee simple transaction with no ground lease encumbrances. Mission Viejo is a dynamic Southern California market that is conveniently situated in South Orange County. This area boasts some of the highest residential real estate values in the U.S. and is home to various job nodes. The temperate climate, high quality of life and strong medical university system make this a destination location for highly skilled medical professionals.
The MOBs are leased by various medical practices affiliated with St. Joseph Health System, which features an investment grade A1 rating by Moody's and an AA- rating by Fitch. With this transaction, HTA has invested approximately $200 million within the Los Angeles MSA representing over 465 thousand square feet where the Company now has critical mass to make this one of its Key Markets. St. Joseph Health, now part of Providence Health based in Redmond, Washington, is the third largest health system in the U.S. with 50 hospitals, and a strong presence up and down the West Coast
Birmingham, Alabama MOB's
In addition, HTA acquired three medical office buildings totaling 217 thousand square feet located on the campus of various Tenet hospitals in Birmingham, AL for $37 million. These transactions bring HTA's total investment in the Birmingham MSA to approximately $65 million and 319 thousand square feet, all on-campus with Tenet Healthcare.
Additional details for these acquisitions can be found in HTA's portfolio overview found on its website (www.htareit.com).
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