PHOENIX-Healthcare Trust of America Inc. has inked an agreement to acquire two medical office buildings and a parking structure in the Desert Ridge master-planned community. The property, known as Desert Ridge Medical Campus, sold for $32.75 million.
Developed by Ryan Companies, the class A, multi-tenant buildings total roughly 118,000 square feet. The campus, designed by The Orcutt/Winslow Partnership, is located near three major hospital campuses including John C. Lincoln at Deer Valley Campus, Scottsdale Healthcare at Thompson Peak Campus and the Mayo Clinic Hospital.
Completed in 2006, Desert Ridge Medical Campus is about 88% occupied with a weighted average lease term of roughly 6.15 years. The three-story buildings house two surgery centers including Desert Ridge Outpatient Surgery, which is a joint venture with Catholic Healthcare West.
With the acquisition, HTA becomes the largest owner of medical office buildings in Arizona, owning more than 1.37 million square feet, according to Mark D. Engstrom, executive vice president of acquisitions for the Scottsdale, AZ-based REIT.
Since its formation in 2006, HTA has completed 78 acquisitions valued at approximately $2.3 billion. The REIT’s portfolio totals about 11.1 million square feet and includes 218 medical office buildings, 10 hospitals, nine skilled nursing and assisted living facilities and five healthcare-related office buildings located in 25 states.
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