Grubb & Ellis Healthcare REIT (to be renamed Healthcare Trust of America) has purchased a 16 building portfolio from Greenville Hospital System (GHS) in a $162M cash deal, or approximately $189 per square foot. All 16 properties are within the Greenville, South Carolina metropolitan area and total over 855,000 square feet of medical office and related space. Greenville Hospital System will continue to occupy approximately 83% of the portfolio under a long-term lease arrangement. The deal is expected to close by September 15.
"We are proud to enter into a strategic partnership with GHS," said Scott D. Peters, chief executive officer and president of the REIT. "This major transaction is part of a strategic long term relationship. It provides us with high quality performing assets, and in addition provides us with the opportunity to develop and/or acquire additional medical buildings as Greenville expands its first class health system."
"GHS has a significant market share, it has 70 percent of its market, so it's a dominant provider and that will allow us to go forward with new real estate developments in the future," Mark D. Engstrom, executive vice president for acquisitions, told CPN. "We'll be in a position to help them deliver those new developments as they need them."
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