Healthcare Trust Completes $29M Triad Technology Center Acquisition

Real estate investment trust Healthcare Trust of America, Inc. has wrapped up yet another acquisition – this time of the 101,400 square-foot Triad Technology Center in Baltimore. The purchase price was approximately $29.3 million.

April 7, 2010
By Allison Landa, News Editor

Real estate investment trust Healthcare Trust of America, Inc. has wrapped up yet another acquisition – this time of the 101,400 square-foot Triad Technology Center in Baltimore. The purchase price was approximately $29.3 million.

The center is located on the Johns Hopkins University Bayview Medical Center Research Campus and is fully leased to the U.S. Government. It is primarily occupied by the National Institutes of Health with an absolute net lease that has 11 years remaining.

The acquisition was part of a first quarter that saw Healthcare Trust snap up 13 medical office buildings for a total of $146.3 million. Those properties total approximately 673,000 square feet and are 98.5 percent leased, according to the firm. They include the Deaconess Clinic Portfolio in Evansville, Ind., Camp Creek Medical Center I and II in Atlanta, and the Sugar Land II medical office building in Houston.

Those purchases bring Healthcare Trust’s portfolio to 8.1 million square feet of gross leasable area, which is more than 90 percent leased. The firm’s total portfolio is valued at $1.61 billion.

“The first quarter acquisitions are consistent with our long-term acquisition strategy of acquiring quality assets in key markets associated with strong healthcare providers,” chairman and chief executive officer Scott Peters said when announcing the transactions. “Our strong balance sheet and liquidity continue to afford HTA the opportunity to acquire quality assets which maximize shareholder value in the short and long term.”

Healthcare Trust was formed in 2006 and since that time has made 61 acquisitions, including 192 buildings and two other real estate-related assets. The company’s portfolio includes 173 medical office buildings, six hospitals, nine skilled nursing and assisted living facilities and four other office buildings in 21 states.