Updated at 11:55 a.m. to correct sellers' information and occupancy data
Healthcare Realty Trust last week bought a medical campus in the Dallas suburb of Frisco from four related investment entities.
The acquisition of the Baylor Medical Center campus, which closed last Wednesday, covers two medical office buildings, a 68-bed hospital and two land parcels totaling about four acres. Combined, the portfolio comprises about 312,000 square feet and sits on 23 acres. The buildings are 87 percent occupied.
Nashville-based Healthcare Realty paid $133.5 million in cash for the portfolio. That is the biggest single outlay it has made in two years – topping a $70 million purchase in Houston last fall and a $162 million buy in Charlotte in late 2008 – and comes close to totaling its acquisition spending for all of the third quarter. (Search for 'asset acquisitions' here.)
Healthcare Realty has partnered with the Baylor Health Care System in the past, helping develop a number of campuses in the Dallas area with the hospital system. In 2004, the parties struck a deal – also for $133 million – that covered 20 medical office buildings.