Valley Hospital Properties Sell in $150 Million Portfolio

Three medical office buildings on or near Valley hospital campuses have sold as part of an 11-property portfolio for $150 million, or $253 square feet. Healthcare Trust of America Inc. of Scottsdale, Ariz., the nation’s largest owner and operator of medical office buildings, said it bought 1500 S. Central Ave. in Glendale, a 40,000-square-foot medical office building on the site of Glendale Memorial Hospital and Health Center. The health care-focused real estate investment trust also purchased 18350 Roscoe Blvd. in Northridge, a 68,000-square-foot medical office building with 150 parking spaces on the grounds of Northridge Hospital Medical Center. The hospital is also a tenant of the property. The REIT also bought a 41,500-square-foot building and surgery center with patient beds about a block away at 18546 Roscoe Blvd., according to the REIT. Most of the portfolio properties are on hospitals operated by San Francisco’s Dignity Health, the state’s largest hospital provider and the nation’s fifth largest health system. According to CoStar Group Inc., the seller was Heitman in Chicago. The Healthcare Trust also bought medical office buildings in Bakersfield, Santa Maria and Arizona. It now owns nearly 700,000 square feet in Southern California and said in a statement it plans to open a new office in the region to manage and lease those assets.