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Article commentary by: Jessica Moore, Financial Analyst, Global Healthcare Services
Medical office building transactions totaled over $2 billion and 5.4 million square feet for the month of November. North Carolina had the most transactions with 10 (20.8% of total), followed by California with 7 (14.6% of total). The 48 total transactions evenly consisted of individual properties and portfolio transactions.
Portfolio transactions were up significantly from October, where they made up only 14% of the total volume. The 24 portfolio transactions totaled $1.76 billion and 4.5 million square feet. The largest transaction was Invesco Real Estate’s $850 million acquisition of a 35-property Welltower medical office portfolio.
While individual property transactions decreased 50% from last month, the average price per square foot was on the rise with a 37% increase. The largest of these transactions was the Tarzana Medical Center LLC’s purchase of the 167,000 square foot Tarzana Medical from Providence Health and Services of $65 million.
Source: Real Capital Analytics, as of December 18, 2019
Posted on 12/19/2019 at 07:37 AM
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