Healthcare Trust of America, Inc., the largest owner and operator of medical office buildings in the United States, announced it closed on the previously announced medical office building portfolio in Arizona and Southern California. The total consideration for the portfolio was approximately $150 million, or $253 per square foot.
The portfolio consists of 11 MOBs totaling almost 592,000 square feet of gross leasable area (“GLA”). The assets are 83% leased and are primarily located on Dignity Health (Rated A3) campuses in Phoenix and Southern California. The portfolio includes the 168,000 square foot McAuley Medical Center located on the St. Joseph’s Hospital and Medical Center campus in downtown Phoenix.
With the acquisition, HTA’s portfolio in Phoenix will increase to 1.3 million square feet while its Southern California portfolio will increase to over 700,000 square feet. HTA will manage the Phoenix portfolio with its existing property management and leasing platform. With the additional scale, HTA will open a new office in Southern California to manage and lease those assets, generating significant synergies from property management and leasing.