Duke Pays $22M for Five-Building Hamilton Portfolio

By Adrian Maties, Associate Editor Duke Realty Corp. has purchased five 100 percent-leased medical buildings in Hamilton, a northern suburb of Cincinnati. The Cincinnati Business Courier reports that the company paid more than $22.2 million for the buildings. With the new [...]

Duke Realty Corp. has purchased five 100 percent-leased medical buildings in Hamilton, a northern suburb of Cincinnati. The Cincinnati Business Courier reports that the company paid more than $22.2 million for the buildings. With the new acquisitions, Duke increases its healthcare portfolio by 109,092 square feet.

The five buildings are located at 3035, 3055, 3075, 3125 and 3145 Hamilton Mason Road, on the five-acre Butler County Medical Campus. They feature physician offices, a sleep center, an imaging center and a 10-bed inpatient surgical hospital. The buildings are fully leased by Bethesda North Hospital.

Duke plans to expand the building at 3075 Hamilton Mason Road, adding a 10,500-square foot emergency department. The campus will be named TriHealth’s Bethesda Butler County and will be part of the TriHealth Inc. system. TriHealth was founded in 1995, when Bethesda North and Good Samaritan hospitals joined together. It provides a wide range of clinical, educational, preventive and social programs, as well as non-hospital services including physician practice management, fitness centers and fitness center management, occupational health centers, and home health and hospice care.

With the new acquisitions, Duke now owns and manages 247,890 square feet of medical properties in the Greater Cincinnati area and nearly 4.2 million square feet nationwide.

Keith Konkoli, senior vice president of the REIT’s Midwest healthcare operations, stated in a press release that the new five-building portfolio “increases our medical office presence in the Cincinnati market and furthers our relationship with TriHealth and Bethesda.” Mr. Konkoli also said that the acquisition “is consistent with Duke Realty’s strategy of expanding its investment in healthcare assets supported by strong healthcare systems.”

Duke Realty Corp. was founded in 1972 and is based in Indianapolis. It owns and operates approximately 136 million rentable square feet of industrial and office assets, including medical offices, in 18 major U.S. cities.