MINOT, ND—Multifamily REIT IRET said Tuesday afternoon it had substantially closed on the sale of its medical office building portfolio to a buyer identified in SEC filings as Harrison Street Real Estate LLC. The $367.7-million purchase price for the 25 assets that traded this past Friday represented adjustments in both the pricing and size of the portfolio which was originally announced on Nov. 30. IRET's report capped an active day of selling and acquisition announcements for REITs in the healthcare space.

This past November, IRET had announced an agreement to sell its entire 1.3-million-square-foot, 28-asset healthcare portfolio, consisting of 28 healthcare properties located primarily in Minnesota and a commercial property occupied by a healthcare tenant, for $417.5 million. Prior to last Friday's closing, IRET and Harrison Street agreed to remove one property from the sale, added closing conditions to three properties and adjusted the purchase price on the remaining properties.

Over the next six months, assuming that the additional closing conditions are met, IRET expects to complete the sale of three additional properties for an aggregate sale price of approximately $32.4 million. IRET also expects to sell the one property removed from this portfolio sale in connection with its efforts to opportunistically sell its remaining commercial properties.