MONDAY, DECEMBER 07, 2009

Real estate investment trust purchases medical office in Indiana

by Midwest Real Estate News Reports
Indiana

Scottsdale, Ariz.-based Healthcare Trust of America, Inc., a self-managed, non-traded, real estate investment trust, in early December reached a purchase-and-sale agreement to acquire a three-building medical office portfolio located in Fort Wayne, Ind.; and San Angelo and Corsicana, Texas, for about $20.5 million.

The nearly 92,500-square-foot portfolio is 100-percent leased to community hospitals, which are all wholly-owned subsidiaries of Community Health Systems, Inc., a national healthcare service provider based in Brentwood, Tenn.

Through its subsidiaries, Community Health Systems, Inc. owns, operates or leases 122 hospitals in 29 states, with an aggregate of more than 18,000 licensed beds. The original developer, Atlee Development, is selling the recently developed portfolio with long-term leases in place.

"This acquisition allows us to continue our growth in the states of Texas and Indiana where we have an existing presence. These assets are strategically located on-campus with long-term stable tenancy," stated Mark Engstrom, Healthcare Trust of America's executive vice president of acquisitions.

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