Milwaukee-based health care real estate company Physicians Realty Trust announced that it has reached an agreement to purchase 15 “class A” medical office buildings, with a total of 1.46 million square feet of space, from Milwaukee-based health care facilities developer Landmark Healthcare Facilities LLC for approximately $764.3 million.
The company expects that the transaction will be completed in the fourth quarter of this year.
The portfolio is approximately 95% leased with a weighted average remaining lease term of approximately 7.4 years, the company said. Each of the 15 buildings are either located on a health system campus or are affiliated with a health system.
Upon closing, the first-year unlevered cash yield of the portfolio is expected to be 4.9%, the company said.
None of the buildings in the portfolio are located in Wisconsin. The properties in the portfolio include:
- University of Florida Health North medical office building (MOB), Jacksonville, Florida, 200,583 square feet
- Jackson Baptist Medical Center – Belhaven, Jackson, Mississippi, 164,186 square feet
- Burns POB (professional office building), Petoskey, Michigan, 141,205 square feet
- TGH Brandon Healthplex, Brandon, Florida, 121,834 square feet
- Beaumont POB, Sterling Heights, Michigan, 100,490 square feet
- Lafayette MOB, Lafayette, Louisiana, 99,055 square feet
- Beaumont Health and Wellness Center, Rochester Hills, Michigan, 94,572 square feet
- Hospital Hill MOB, Kansas City, Missouri, 90,156 square feet
- Raritan Bay Medical Center, Old Bridge, New Jersey, 89,159 square feet
- Saint Vincent MOB, Erie, Pennsylvania, 85,582 square feet
- Riverside MOB, Hampton, Virginia, 81,312 square feet
- Bay City MOB, Bay City, Michigan, 73,453 square feet
- Beaumont Grosse Point MOB, Grosse Pointe, Michigan, 57,040 square feet
- Yulee MOB, Yulee, Florida, 36,045 square feet
- Deltona MOB, Deltona, Florida, 24,972 square feet
