FRISCO, TX-Healthcare Trust of America Inc. has signed its third acquisition contract with an affiliate of Dallas-based Forest Park Medical Center. In this case, the Scottsdale, AZ-based buyer has entered into an agreement to pay $28 million for a 91,000-square-foot medical office building attached to Forest Park Medical Center-Frisco. A closing date was not indicated.
The building is located at 5680 Frisco Square (a mixed-use complex on the city's Main Street) and was completed in 2012. Neal Richards Group developed both the project and attached hospital; Dallas-based architecture and design firm BOKA Powell LLC was the architect of record. The building, which includes retail space, is 100% leased.
"We are happy to announce another acquisition of a class A, on-campus medical office building from affiliates of Forest Park Medical Center," says chairman and CEO Scott D. Peters. "Texas continues to be a focus area for HTA. The state's strong employment growth and a business friendly regulatory environment helps create a dynamic environment for healthcare providers and their associated real estate."
Once the transaction closes, it will mean HTA will have invested approximately $179 million in healthcare real estate so far in 2013. In addition to representing a 7% expansion of the REIT's asset base for the year, it also increases its Texas portfolio to more than 1.7 million square feet.
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