2 Phoenix medical-office buildings sell for $32.75 million

A Scottsdale Airpark firm is purchasing two medical-office buildings near Desert Ridge Marketplace in northeast Phoenix for $32.75 million.

Healthcare Trust of America Inc., a real-estate investment trust, is acquiring the Desert Ridge Medical Campus, roughly 120,000 square feet of space that also includes a two-story parking structure at Deer Valley Road and Tatum Boulevard near the Mayo Clinic hospital. The Class A office structures are 88.percent occupied and include two surgery centers, the company said.

"This acquisition will extend HTA's position as the largest owner of medical-office buildings in Arizona with over 1.37 million square feet," Mark Engstrom, executive vice president of acquisitions, said in a statement.

HTA is a non-traded public REIT, which means trading is usually done through financial advisers or investment brokers for a commission rather than on a stock market.

At the end of the first quarter, its revenue rose more than 60 percent to about $70 million from the year before.HTA owns more than 200 medical buildings in 25 states.

by AZCentral.com Jul. 19, 2011 09:43 AM




2 Phoenix medical-office buildings sell for $32.75 million