Healthcare Trust buys $12M Wellington medical center

WELLINGTON - Healthcare Trust of America, Inc., a self-managed, non-traded, real estate investment trust, announced that it has acquired the fifth medical office building of a five-building portfolio.  

Wellington Medical Arts Pavilion III is an on-campus four-story medical office building that has been acquired for $12,825,000. It is a 48,000sf multitenant medical office building that was completed in 2007 and is connected to Wellington Regional Medical Center, a 158-bed acute care hospital that has been providing healthcare services to the residents of Palm Beach County since 1986 and is a part of Universal Health Services, Inc.

The Medical Arts Pavilion is 100% leased and includes WRMC as a significant tenant, as well as other prominent affiliated tenants.

The purchase price for the entire portfolio was approximately $84,240,000. HTA had previously acquired four buildings from the owner and developer, Rendina Companies, which brought the transaction directly to HTA.

Since Jan. 1, 2010, HTA has acquired approximately $715 million in medical office and healthcare related assets based on acquisition price, including 3.09 msf of gross leasable area in 2010, which is 98% leased with an average remaining lease term of nine years.