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9/17/15
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Here’s the news about a major medical office property buy in Phoenix, as Physicians Realty Trust, a self-managed healthcare real estate company, has acquired the Integrated Medical Services portfolio for $141 mil. The transaction encompasses four Class A medical office buildings totaling 406.9k sf of space. We’re told this portfolio sale sets a new record for the Phoenix Metro area as the highest price paid -- at $347 per square foot -- for an on-campus, multi-tenant medical office portfolio.
The portfolio is currently 96% leased and anchored by physician practice groups. The properties, built from 2004 to 2009, are situated in premier locations for medical practices in Maricopa County; three of the medical office buildings are located on hospital campuses. The buildings include: Paradise Valley IMS totaling 122.8k sf; North Mountain IMS Medical Building totaling 122k sf; Palm Valley Medical Office Building totaling 101.2k sf, and Avondale IMS totaling 61.6k sf.
NGKF Global Healthcare Services Executive Managing Directors Garth Hogan and Todd Perman, along with Directors Trisha Talbot and Kathleen Morgan in the Phoenix office, represented the sellers. The buyer repped itself in the deal.
“This portfolio commanded such a high price because of the quality of the buildings and its ownership by physician-led organizations. It’s rare to have such a collection of trophy assets built by doctors who are immersed in the healthcare community. As experts in the field, they have exceptional insight into the location and development of these assets,” Hogan said. He added that the team fielded numerous offers during the marketing process, further underscoring the unique value of the asset and ownership.
“These newer, well-occupied MOBs that attract strong tenants reflect the continued performance of MOB assets,” Talbot commented. “Physicians Realty Trust targets their investment in physician-owned MOBs throughout the country. For this reason, they will create a smooth ownership transition here in Phoenix.”
According to NGKF, the medical office market has continued to outperform the general commercial real estate market, which has accelerated investor demand for this asset class. As a result of the proven resiliency and long-term security, medical office buildings have become a mainstream asset for institutional and private investors and are viewed as one of the most highly sought after asset types in commercial real estate.
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