Columbia Development Cos. Divests Six-Building Medical Office Portfolio
Columbia Development Cos. sold a six-building, 643,555-square-foot medical office portfolio located in Albany, NY and Tampa, FL to Healthcare Trust of America, Inc. for $122.62 million, or $190.54 per square foot.
The portfolio has an average occupancy rate of 95 percent with large, investment-grade regional healthcare systems and specialty medical practices as primary tenants.
The properties include:
- 711-713 Troy Schenectady Road, a 258,953-square-foot health park in Latham, NY;
- 400 Patroon Creek Blvd., a 166,075-square-foot medical office building in Albany, NY;
- 1365 Washington Avenue, an 80,546-square-foot medical arts building in Albany, NY;
- 1375 Washington Avenue, a 40,941-square-foot medical arts building in Albany, NY;
- 1092 Madison Avenue, a 14,800-square-foot medical office building in Albany, NY;
- 13020 N. Telecom Parkway, an 82,240-square-foot orthopedic medical building in Tampa, FL.
The average age of the six buildings included in the sale is only seven years, and consists of the first portion of a larger portfolio expected to close with the same investor.
Hunter Beebe and Brent Farrell with Healthcare Real Estate Capital, LLC. (HRE Capital), on behalf of Columbia Development Cos., procured the Scottsdale, AZ-based investor under a restrictive timeframe.
Please see CoStar COMPS #2012275 for additional information on this transaction.