Healthcare Trust of America (HTA) to Acquire Rush Medical Office Building in $54M Deal
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Healthcare Trust of America, Inc. (NYSE: HTA) announced the execution of a definitive agreement to acquire the Rush Medical Office Building ("Rush MOB") in Oak Park, Illinois for approximately $54 million. The closing of the acquisition is subject to the satisfaction of customary closing conditions.
The Rush MOB is being acquired by HTA pursuant to a purchase option associated with a mortgage HTA invested in during December 2009. The mortgage was secured by the Rush MOB and included an option in favor of HTA to acquire the Rush MOB beginning in June 2012. The Rush MOB is a 135,000 square foot, on-campus medical office building that is 100% master leased under a triple-net lease through 2019 to Rush University Medical Center. Rush University Medical Center, rated A2 by Moody's, is a not-for-profit academic medical center comprising Rush University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health. The building is connected with an enclosed walkway to Rush Oak Park Hospital, which is considered one of the dominant hospitals in the market.
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The Rush MOB is being acquired by HTA pursuant to a purchase option associated with a mortgage HTA invested in during December 2009. The mortgage was secured by the Rush MOB and included an option in favor of HTA to acquire the Rush MOB beginning in June 2012. The Rush MOB is a 135,000 square foot, on-campus medical office building that is 100% master leased under a triple-net lease through 2019 to Rush University Medical Center. Rush University Medical Center, rated A2 by Moody's, is a not-for-profit academic medical center comprising Rush University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health. The building is connected with an enclosed walkway to Rush Oak Park Hospital, which is considered one of the dominant hospitals in the market.
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