Medical office portfolio sells for $285m

Healthcare Real Estate Capital (HTA) has sold its 16-asset, 856,179-square-foot medical office portfolio located in Greenville, S.C., for $285 million.

The buyer is a joint venture between HCP and Morgan Stanley.

The 99 percent leased portfolio is primarily tenanted by affiliates of Greenville Health System, in addition to strategic third-party providers. GHS is the largest provider in South Carolina and carries an “A” credit rating. In coordination with the transaction, GHS agreed to extend its leases and benefitted from certain extension incentives.

HTA has additional properties under contract to sell, which would total up to an additional $60 million of gross proceeds. These properties are subject to customary closing conditions and no closings are assured. HTA intends to use the net proceeds to pay down debt, repurchase shares of its common stock, invest in acquisitions and developments in markets where it believes it can utilize its property management