Lillibridge and Inkana officials couldn't be reached by GlobeSt.com's publication deadline to learn the price. However, Birmingham -area brokers familiar with recent medical office building transactions, tell GlobeSt.com that the portfolio was probably priced in the $200-per-sf range at the minimum. That would give the transaction an estimated $90-million tag and easily make it below-replacement cost, brokers point out.

Birmingham brokerage sources tell GlobeSt.com that they based their $90-million estimate on Governors Medical Tower, a five-story, 125,000-sf, $30-million medical office structure that Inkana plans to erect on land owned by Huntsville Hospital at Governors Drive and Gallatin Street in Birmingham. That per-sf-price comes to $240 per sf. Brokers say medical office buildings regionally and nationally are being constructed in the $250 per-sf to $400 per-sf range, depending on the special medical equipment involved.

Lillibridge's acquisition comprises Medical Office Building 48, built in 1989 and containing 116,972 sf; Medical Office Building 52, built in 1985 totaling 104,000 sf; and Regional Care Center 46, constructed in 2004 and totaling 227,237 sf. The acquisition increases Lillibridge's owned, leased and managed portfolio to 24 on-campus buildings totaling more than 1.7 million sf on five major Ascension Health Hospital grounds in Indianapolis, Kansas City, Austin, TX, Kalamazoo, MI and Birmingham.