Pacific Office Properties Trust has agreed to sell the First Insurance Center building in Honolulu to Newton, MA-based Senior Housing Properties Trust for $70.5 million according to a report from Honolulu Star. Senior Housing Properties Trust is a publicly traded real estate investment trust affiliated with the REIT that is the largest owner of industrial property in Hawaii. The Pacific Business News reported that Pacific Office Properties, one of the largest owners of office properties in Honolulu, is selling the fee and leasehold interests in the Ward Avenue office building, whose largest tenant is First Insurance Co. of Hawaii, for $70.5 million, which includes the assumption of $52 million in existing debt, according to a statement from the San Diego-based REIT. The deal is expected to close by the end of the second quarter.
In its Q4 2011 results announcement, Senior Housing Properties Trust disclosed that in December 2011 and January and February 2012, the company entered five separate agreements to acquire one senior living community and four MOBs for an aggregate purchase price of $144.8 million, including the assumption of approximately $52.0 million of mortgage debt and excluding closing costs. The senior living community is located in Missouri and includes 87 independent living units, and all the residents at this community pay for services with private resources. The four MOBs are located in Connecticut, Georgia and Hawaii and include an aggregate of 514,409 square feet.
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