HCP Inc., a publicly traded real estate investment trust (REIT) based in Long Beach, CA, have successfully acquired eight on-campus medical office buildings (MOBs) for $81 million from Scottsdale Healthcare. Terms of the deal have not yet been disclosed. Keith Jones, a spokesman for Scottsdale Healthcare, said the transaction was part of the nonprofit health system's ongoing strategy in a Phoenix Business Journal article. "Most hospitals do not own their own medical office buildings, and real estate management is not part of our core business," he said. The land is still owned by Scottsdale Healthcare and is being leased to HCP.
The eight on-campus MOBs located in Scottsdale, Arizona comprise approximately 398,000 rentable sq. ft. and have a current occupancy of 89% according to HCP's Q2 earnings call information. The properties are spread over three Scottsdale campuses: Scottsdale Healthcare Osborn Medical Center, 7400 E. Osborn Road; Scottsdale Healthcare Shea Medical Center, 9003 E. Shea Blvd., and Scottsdale Healthcare Thompson Peak Hospital, 7400 E. Thompson Peak Parkway.
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