Windrose Medical Acquires Four Buildings for $53M-Plus

INDIANAPOLIS-Windrose Medical Properties Trust has acquired three medical office buildings with 230,000 sf of rentable space for approximately $53.5 million. The locally based public REIT says the acquisition takes it more than half way to its goal of acquiring $100 million of assets this year. The well-leased buildings were acquired with $34.2 million in first mortgage debt and cash from the company’s credit facility. Two are located in California and two are in Florida. The name of the seller was not immediately available.The Florida property is the Palm Court Plaza and Professional Center in Delray Beach. The one-story medical office plaza and five-story medical office tower are located on the hospital campus of the Delray Medical Center and contain 137,760 sf of rentable space. This property is approximately 91% occupied with Delray Medical Center occupying 22.9%. The California properties are the Lakewood Medical Pavilion in Lakewood, which is in the Los Angeles metropolitan area, and the Los Gatos Medical Pavilion in Los Gatos, which is in the San Jose metropolitan area. The three-story Lakewood property is located on the hospital campus of the Lakewood Regional Medical Center and contains 36,480 sf of rentable space. The property is master leased to Lakewood Regional Medical Center.The three-story Los Gatos property is located on the hospital campus of the Community Hospital and contains 55,927 sf of rentable space. The property is 100% occupied and 92% leased to Community Hospital of Los Gatos. Looking ahead, Windrose chief executive Fred Klipsch says in a prepared statement that the company is “considering another potentially significant, multi-property portfolio” but does not go into detail. Neither Klipsch nor Windrose president Fred Farrar were immediately available for comment Wednesday morning.Windrose acquires, develops and manages specialty medical properties, such as medical office buildings, outpatient treatment diagnostic facilities, physician group practice clinics, ambulatory surgery centers, specialty hospitals, outpatient treatment centers and other healthcare related specialty properties. As of the April, it owned 1.43 million sf of rentable space in 43 buildings in 10 states.