Healthcare Trust of America Acquires 54,800 SF Medical Office Portfolio for $10.5M

February 26, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons users eflon

Healthcare Trust of America, Inc., on Thursday announced its acquisition of a Pearland, Tex. medical office portfolio for $10.5 million. The purchase expands the real estate investment trust’s Texas portfolio to more than one million square feet.

That portfolio is comprised of two medical office buildings totaling 54,800 square feet, one of which is completely occupied while the other is 98 percent occupied. A Houston suburb, Pearland is located about 10 miles south of the Houston Medical Center and 15 miles south of central Houston.

Healthcare Trust executive vice president of acquisitions Mark Engstrom said that the buildings’ location in a rapidly growing Houston submarket, as well as the quality of the tenants, make the acquisition attractive. Tenants include Houston’s Methodist Hospital.

Earlier in the week, the company announced an agreement to buy the 60,000 square foot Sugar Land Medical Building from The Mission Co. for $12.4 million.

Since its inception in 2006, Healthcare Trust has made 53 acquisitions valued at approximately $1.46 billion, including 179 buildings and two other real estate-related assets. The company’s portfolio entails approximately 7.4 million square feet, which includes 160 medical office buildings, six hospitals, nine skilled nursing and assisted living facilities and four other office buildings located in 21 states.