Last updated on May 15th, 2019 at 04:56 pm
Milwaukee-based Physicians Realty Trust, a health care real estate investment trust, announced Wednesday it will purchase 18 medical office buildings totaling $735 million.
The medical office facilities are located in eight states and total 1.8 million square feet of leasable space.
The pending acquisitions include Baylor Cancer Center in Dallas for a purchase price of $290 million, which is approximately 95 percent leased.
The pending acquisitions also include 13 properties, located in six states to be purchased from affiliates of Englewood, Colorado-based Catholic Health Initiatives and two properties affiliated with St. Vincent/Ascension Healthcare in Indianapolis.
In addition to the 18 pending purchases, Physicians Realty Trust has signed letters of intent to acquire seven medical office facilities in two states for a purchase price of $66 million. Those acquisitions are expected to be complete in the third quarter.
The company has also reached a non-binding agreement to acquire the Orthopedic & Sports Institute of the Fox Valley medical office building, a 67,205 square foot property in Appleton for $27.9 million. This acquisition is expected to be completed this week.
“The quality of the medical office facility investments we have completed or placed under contract this quarter are second to none,” said John Thomas, the company’s president and chief executive officer said in a written statement. “We are humbled that these health systems, including Ascension Health, Catholic Health Initiatives, Northside Hospital, and Baylor Scott & White Health, worked directly with us to facilitate these investments.”
The company also announced the closing of approximately $25.9 million of previously unannounced investments made directly or indirectly through a subsidiary. Total investment activity since January 1, 2017 is approximately $274.2 million.