Staff Report
Published April 9, 2010
Healthcare Trust of America, an Arizona-based real estate investment trust, has purchased a medical office building near East Cooper Medical Center for $10.3 million.
The sale of the building, called the Medical Center at East Cooper and located at 1300 Hospital Drive, closed March 31, according to the trust. The previous owner was East Cooper Physicians L.P.
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The three-story, 60,800-square-foot building is 90% leased to 16 tenants, Healthcare Trust of America said.
“This acquisition is appealing because of its on-campus affiliation with Tenet Healthcare, as well as its location within a fast-growing Charleston submarket,” said Mark D. Engstrom, executive vice president of acquisitions for Healthcare Trust of America, in a statement.
Engstrom said the purchase is consistent with Healthcare Trust of America’s strategy of acquiring on-campus, health care-related buildings in markets with strong fundamentals. It brings the trust’s S.C. portfolio to 1,025,000 square feet.
Last week, East Cooper Medical Center, part of Tenet Healthcare Corp., moved from its 1200 Johnnie Dodds Blvd. building in Mount Pleasant to a new building one quarter of a mile away at 2000 Hospital Drive.
The new, $150 million facility is double the size of the former building, with 130 acute-care beds, new services and technology, and 250,000 square feet of space.
Founded in 2006, Healthcare Trust of America has holdings including 173 medical office buildings, six hospitals, nine skilled-nursing and assisted-living facilities, and four other office buildings in 21 states, for a total of 8.1 million square feet.
During the first quarter of 2010, Healthcare Trust of America purchased 13 medical office buildings totaling about 673,000 square feet for a total purchase price of $146.3 million. That includes the Mount Pleasant property, along with a medical office building on Hilton Head Island.
The trust said properties purchased during the first quarter have an average remaining lease term of 10 years or more and involve tenants with high credit ratings. About 98.5% of the portfolio space was leased at closing.
In December, Healthcare Trust of America bought a 108,500-square-foot medical office building on the campus of Mary Black Memorial Hospital in Spartanburg for about $16.2 million.
Geoff Groat of CB Richard Ellis Carmody represented the seller in the Medical Center at East Cooper sale. Michael Carmody, also of CB Richard Ellis Carmody LLC, represented the buyer.
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