Healthcare Trust of America Acquires 62,000 SF Smyth Professional Building
Scottsdale, AZ-based REIT Healthcare Trust of America, Inc. has acquired the medical office building known as the Smyth Professional Building in Baltimore for approximately $11,250,000.
The 62,000 SF Smyth Professional Building, which is 98% leased, is located on the campus of and is attached to Good Samaritan Hospital. Good Samaritan is a wholly owned subsidiary of MedStar Health, Inc., who, together with Johns Hopkins University, occupies approximately 61% of the building. MedStar Health is a highly rated not-for-profit health system, with a current A- rating from both Fitch and Standard and Poor's. MedStar Health, which has a total of approximately 3,100 licensed beds and approximately 5,000 affiliated physicians, operates nine hospitals throughout Baltimore, Washington D.C. and Montgomery County, Maryland. The closing of the acquisition is subject to a number of conditions.
"This acquisition provides HTA entry into a new geographic market with a very strong healthcare system," stated Mark D. Engstrom, the REIT's Executive Vice President of Acquisitions. "In addition to the existing building, HTA will acquire certain development opportunities as part of the transaction."