Montecito Medical to Acquire Rockwall Medical Plaza in Texas

Nashville, Tennessee-based medical office building owner Montecito Medical Real Estate recently entered into an agreement to purchase Rockwall Medical Plaza, a 20,007-square-foot, Class A medical office building and surgery center just east of Dallas, Texas.

Rockwell Medical Plaza is located on the campus of Texas Health Presbyterian Hospital and anchored by an ambulatory surgery center joint-ventured by Spine Team Texas and Texas Health Resources. Texas Health Resources is one of biggest faith-based nonprofit healthcare systems in the country, with 24 hospitals around Dallas/Fort Worth.

“This is a Class-A, newly constructed property in the heart of Rockwall’s attractive medical corridor, and we’re proud to have it anchored a cutting-edge surgery center,” Montecito Medical CEO Chip Conk said in a press release. “We’re also excited to grow our presence within the Dallas medical market and to partner with a leading healthcare provider like Texas Health.”

In addition to the surgery center’s two operating rooms for orthopedic and neurological procedures, Rockwall Medical Plaza houses a large Texas Health Resources clinic, as well as dental and neurology offices.

Including Rockwall Medical Plaza, Montecito Medical has purchased 21 medical office buildings over the last 12 months and has five more properties under Letter of Intent to close by January 2017. This most recent acquisition is subject to closing conditions and other requirements as detailed in the purchase agreement.

Colliers Negotiates Sale of 12,300-Square-Foot MOB in Houston

Colliers International has brokered the sale of a 12,300-square-foot medical office building in Houston to an undisclosed buyer for an undisclosed price.

Marshall Clinkscales and Beth Young of Colliers represented the seller, WHGS Holdings Co. dba Coastal Surgical Group. Cameron Crouch of Gulf Coast Properties represented the buyer.

SunLink Subsidiary Sells Medical Office Complex in Georgia for $4.9 Million

SunLink Health Systems, Inc. (NYSE: SSY) recently announced that a subsidiary has reached an agreement to sell its medical office building complex in Ellijay, Georgia for about $4.9 million. The complex is made up of land and three buildings.

The subsidiary plans to recognize a pre-tax gain on the sale of about $2.4 million. The transaction is subject to buyer due diligence and additional conditions and is expected to close in December 2016.

After repayment of mortgage debt and expenses of about $2.3 million, the company anticipates net proceeds from the sale of about $2.6 million. The proceeds will be retained for general corporate purposes and working capital.

SunLink Health Systems, Inc. is the parent company of subsidiaries that operate and own health care facilities in the Southeast, as well as a Louisiana-based pharmacy company.

Capital Square 1031 Acquires MOB in North Carolina

National real estate investment and management company Capital Square 1031 recently announced that it has purchased a 10,880-square-foot medical building in Kinston, North Carolina. Currently, the building is 100% leased to Bio-Medical Applications of North Carolina, an affiliate of Fresenius Medicare Care, the world’s leading provider of dialysis products and services for individuals with chronic kidney failure.

“This flagship location is one of Fresenius’ largest dialysis clinics in North Carolina, with 39 service chairs and approximately 110 patients. Kinston is a prime location, adjacent to the doctor’s office and only a five-minute drive to the hospital,” Capital Square 1031 founder and CEO Louis Rogers said in a press release. “Having the clinic, doctor’s office and hospital in close proximity makes Kinston convenient for patients and their care givers and efficient for health care providers.”

Capital Square acquired the Kinston property in an all-cash purchase (no debt) primarily for Section 1031 exchange investors who are attracted to this asset class for preservation of capital, stable income and capital appreciation.

As of Nov. 2, Capital Square 1031 oversees a national portfolio of 56 real estate assets worth about $564 million, based on investment cost.

Healthcare Realty Trust Inc. Buys Two MOBs in Maryland for $36.3 Million

Nashville, Tennessee-based Healthcare Realty Trust Inc. (NYSE: HR) has purchased two medical office buildings in Bel Air, Maryland, for $36.3 million, the Baltimore Business Journal reported.

York, Pennsylvania-based Kinsley Properties and Lutherville, Maryland-based MacKenzie Commercial Real Estate sold the two buildings to Healthcare Realty Trust, with the deal closing on Oct. 11.

The buildings, which total almost 114,000 square feet, are located next to the University of Maryland Upper Chesapeake Health Medical Center.

The larger of the two properties—an 83,000-square-foot building built atop a garage in 2008—is more than 90% leased. The smaller, 31,000-square-foot building, meanwhile, is nearly 100% leased.

Healthcare Realty had demonstrated interest in the buildings for the past four to five years, according to Bob Aumiller, a principal with MacKenzie.

“It’s that kind of pinging that’s necessary that gets sellers motivate to sell,” Aumiller told the Baltimore Business Journal, noting that the deal happened quickly.

Written by Mary Kate Nelson