American Realty Healthcare Capital Trust II, which recently purchased a portion of the LaSalle investment Trust MOB II portfolio, has also acquired a $132 million portfolio of medical office buildings from Pinnacle Healthcare of Harrisburg, PA. The transaction occurred on September 26, 2014 according to an 8K filed with the SEC. The portfolio is a a mix of off and on campus medical office buildings and one behavioral health hospital. The behavioral health hospital, the Pinnacle Health Polyclinic Campus, is a 74 bed, 300+ bed hospital that traded for $135/Sq. Ft. and a 7.3% yield. The “crown jewel” of the portfolio is likely the Fredricksen Outpatient Center Clinical Building in Mechanicsburg, PA. The 69,000 square foot on campus outpatient center sold for $24.1 million, or $347 per foot and at a 5.8% yield. That is the lowest actual yield recorded this year in the Revista database so congratulations to Pinnacle Health! The details of the transaction along with links to the properties in Revista are listed below.
|Property Name||Sq. Ft.||Price||Date||Annualized Rent||Investor Yield||PP/SF||Rent/SF|
|Brady MOB, Brady Pa||92,413||$26,400,000||26-Sep||$1,700,000||6.40%||$286||$18|
|Landis Memorial MOB – Harrisburg, PA (Behavioral Hospital)||314,790||$42,600,000||26-Sep||$3,100,000||7.30%||$135||$10|
|Community Health MOB – Harrisburg||48,212||$7,000,000||26-Sep||$500,000||7.10%||$145||$10|
|Fredricksen Outpatient Center Clinical Building — Mechanicsburg, PA||69,437||$24,100,000||26-Sep||$1,400,000||5.80%||$347||$20|
|Fredricksen Outpatient Center II — Mechanicsburg, PA||64,259||$20,600,000||26-Sep||$1,240,135||6.00%||$321||$19|
|Fredricksen Outpatient Center I — Mechanicsburg, PA||56,057||$11,300,000||26-Sep||NA||NA||$202||$18|