(Save the date: RealShare Medical Office Buildings comes to the Four Seasons in Scottsdale, AZ, November 7 -8 )
OAK PARK, IL-Healthcare Trust of America Inc., based in Scottsdale, AZ, is exercising its purchase option on the 135,000-square-foot Rush Medical Office building here at 610 S. Maple Ave. The trust has agreed to pay $54 million for the office, which is fully occupied by, and connected to, the Rush University Medical Center.
The seller is reportedly an affiliate of locally based Bradley Associates LP, which bought the building for $52.6 million. The company took out a five-year, $37 million loan with HTA in 2009, with the option for the trust to buy the 11-year-old building.
Mark Engstrom, EVP for acquisitions for HTA, tells GlobeSt.com that the property is in no trouble, and that the trust was more focused on the tenant than on buying a property in Chicago. The trust owns more than 150 healthcare properties in 26 states, but no other sites here. The medical office building is on the Rush campus, and the medical center has a triple-net lease on the building through 2019. The hospital and the MOB are connected via an enclosed walkway.
“We desire to be in markets with strong operators,” Engstrom says. “Chicago is a large attractive market in a lot of ways, but we’re focused on the healthy tenant in a core market.”
Though HTA has operated since 2006, the trust just listed on the New York Stock Exchange last month. Engstrom says he sees medical office buildings benefiting from the recent Supreme Court ruling on healthcare reform. “But improvements were being made before the reform came together,” he says. “Moving from an inpatient model to outpatient is more convenient and more cost effective, but these trends were really already moving ahead.”
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