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Windrose Closes on First Pieces of $241M Portfolio

INDIANAPOLIS-The locally based medical office REIT closes on two of 22 properties that are included in the one-million-sf portfolio. About one-third of the space rolls over the next three years.

By Brian K. Miller | Updated on November 07, 2005

INDIANAPOLIS-Windrose Medical Properties Trust has acquired 145,000 sf in two Plantation, FL properties that are part of a $241-million portfolio acquisition. The locally based medical property REIT says the assets cost it $30.4 million, including $20.7 million in mortgage debt.

The portfolio spans four states, Florida, Arizona, California and Texas, but 16 of the properties, representing 60% of the square footage, are located in Florida. The Florida properties sustained moderate damage from Hurricane Wilma but are all operational and much of the cost to repair the properties will be passed through to tenants, according to a statement from Windrose.

As of Oct. 1, the portfolio was 93.7% occupied. Windrose says it expects to push occupancy by 200 to 300 basis points over the next four months. Occupancy could fall again in 2007 and 2008, when leases expire for about one-third of the square footage in the portfolio.

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