Duke Realty Closes $2.8B Sale Of 72-Building Medical Office Package

Industrial REIT Duke Realty has completed its $2.8 billion sale of 72 medical office buildings to Healthcare Trust of America as it ramps up its bulk-space strategy.

“I am happy to announce that we have substantially completed the previously announced sale of our medical office business, generating $2.45 billion in proceeds to date, with the remaining properties expected to close during the third quarter,” said Duke CEO Jim Connor in a second quarter results statement.

Duke used some of the sale proceeds to pay down its debts and placed $796 million in escrow to finance future acquisitions and development, according to Mark Denien, Duke’s chief financial officer.
Source: Real Estate Weekly

VA Clinic Trades Fetches $449 PSF

The William “Bill” Kling Veterans Clinic in Sunrise just sold for $49.7 million to an affiliate of the Scottsdale, Arizona-based, publicly-traded real estate investment firm Healthcare Trust of America, records show.
The property at 9800 West Commercial Boulevard stretches 9.3 acres with a 110,714-square-foot building built between 2008 and 2009. The Heathcare Trust Delaware affiliate, HTA-VA Sunrise Mob, LLC, paid $449 per square foot for the building.
Indianapolis-based commercial real estate company Duke Realty was the seller. Records show Duke Realty bought the clinic for $36.3 million, or $328 per square foot, in 2012.
The veterans clinic is near the anticipated community project Metropica that the Sunrise commission approved last year. The project will have 370,000 square feet of retail space, a 345-unit apartment building, and the rights to a 240-room hotel and 140,000 square feet of Class A office space, in west Broward. One of its first of eight residential towers, Metropica One, scored a $65 million construction loan, last month.
Source: The Real Deal

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