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Henry Medical Center, Atlanta, GA

Talk about a company on the move -- Scottsdale, AZ-based Healthcare Trust of America Inc. fits the bill.

The firm is a self-managed, publicly registered, non-traded real estate investment trust. Since Jan. 1, 2010, HTA has acquired about $260.6 million in medical office and healthcare-related assets.

These assets include a total of 14 acquisitions representing about 1.2 million square feet.

Since its formation in 2006, HTA has made 66 geographically diverse acquisitions valued at about $1.72 billion based on purchase price, which includes 201 buildings and two other real estate-related assets.

HTA's portfolio totals approximately 8.6 million square feet and includes 182 medical office buildings, six hospitals, nine skilled nursing and assisted living facilities and four other office buildings located in 21 states.

Overlook at Eagle's Landing Map

HTA's newest acquisition is in Stockbridge, GA.  Overlook at Eagle's Landing is a 35,200-square-foot 100% occupied medical office building in the southern suburbs of Atlanta, in Henry County, the 11th fastest growing county in the United States in 2009.

The $8.14 million purchase price equates to $231.25 per square foot, considered a bargain in today's spiraling construction costs for a comparable medical facility, industry sources tell Real Estate Channel.

Estimated gross construction costs for a comparable property today would be about $500 per square foot, sources tell REC.

Overlook at Eagle's Landing opened in 2004 and is located less than one-half mile from Henry Medical Center, which recently completed a $60 million expansion. Henry Medical Center is a 215-bed not-for-profit community hospital with more than 400 physicians on staff and has served Henry County since 1979.

Mark D. Engstrom

"This acquisition continues our Atlanta expansion focused in attractive sub-markets, bringing our total Atlanta portfolio to over a half million square feet while generating greater market presence for HTA with the region's healthcare providers,"  Mark D. Engstrom, Executive Vice President of Acquisitions for HTA, says in a prepared statement.

"This acquisition is consistent with our strategy of targeting strong market demographics that have attractive long-term fundamentals."

Overlook at Eagle's Landing is located at 290 Country Club Drive in Stockbridge and complements other existing HTA-owned medical office buildings in the area, including Southcrest Medical Plaza I and II in Stockbridge,  Marietta Health Park in Riverdale, Fayette Medical Office in Fayetteville, and 4000 Shakerag Hill Road in Peachtree City.

The continued growth in population in South Atlanta has resulted in the expansion healthcare services by Piedmont Healthcare and Henry Medical Center, according to Engstrom.

 Please see related Real Estate Channel postings:

• Healthcare Trust Continues Buying Binge - Pays $10.3M for South Carolina Medical Office Building, April 13, 2010
• Healthcare Trust Pays $10.7 Million for Jacksonville Medical Building, Mar. 11, 2010
• Healthcare Trust of America Beefs UP Portfolio With Buys in Atlanta and Englewood, CO., Mar. 8, 2010
• U.S. Real Estate Roundup: Healthcare Trust Pays $16.25M for 108,500-SF Medical Office Building in Spartanburg, SC., Dec. 12, 2009
• Realty Capital Securities to Handle $2.2B Share Offering by Healthcare Trust of America, Aug. 31, 2009

 

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