HTA Bulks Up Houston MOB Portfolio
Healthcare Trust of America Inc. (NYSE: HTA) was the most active investor in Houston medical office buildings during the first half of 2017. The second tranche of the Duke Realty’s sale of its healthcare portfolio to Healthcare Trust of America closed, per a filing from the seller, for $1.38 billion in June. The Duke portfolio included three medical office buildings located on the Houston Methodist Hospital – St. Catherine Campus in Katy. HTA also acquired a portfolio of medical office buildings from North Cypress Medical Center in Northwest Houston this past May.
HOUSTON MEDICAL OFFICE BUILDING SALES (Mid-Year 2017)
- Buildings > 10,000 square feet thru June 2017
- Sources: Colliers International, CoStar Group, Revista, Real Capital Analytics
Nationally, the overall average cap rate for outpatient medical buildings has trended downward to 6.5% in the fourth quarter of 2016, after holding steady at 6.7 percent for the three previous quarters, according to the latest information from Revista. Competition for outpatient medical office buildings has been robust among investors for this asset class and this is the case in the Houston market as well.
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