Windrose Medical Pays $68M for 508,356-SF Package

OCALA, FL-With one $68 million, 12-property deal, Windrose Medical Properties Trust of Indianapolis, IN has doubled its asset base to over $132 million from $64 million.

The two Florida properties acquired in the cash-and-debt transaction are the 100%-leased, 19,561-sf Urology Center of Florida in Ocala, FL, and the 83%-leased, 144,5150 sf Morningside Professional Plaza in Port St. Lucie, FL. The 10 other properties are in Georgia, Tennessee and Texas.

Windrose paid an average $133.76 per sf for the total 508,356 sf acquired from Nashville, TN-based Medical Properties of America. The deal consists of about $29 million in cash and $38.4 million of assumed debt. The transaction has a blended cap rate of 10% based on net operating income. Annual escalators on the leases range from the 2% or CPI at the low end and up to 4% annually on the high end.