Monday, January 25, 2010

1600 Pacific to become The Grand Ricchi, open in 18 months, developer saysfrom Dallas property tax values set to decline this - DALLAS CITY HALL

A San Antonio developer plans to restore the old LTV Tower at 1600 Pacific into a commercial, hotel and residential project.

Leobardo Trevino said his company, Ricchi Dallas Investments, will preserve the appearance of the building's exterior and its elaborate, wood-paneled second floor.

The rest of the building will be completely renovated, he said.

The first four floors of the project will be complete in 18 months and will include a bank, two restaurants, a bar and a gym, he said.

The remainder of the building will be converted into a hotel and residential condominiums, he said.

The condos will be built as they are sold, although some units will be built.

"The customers we're targeting are people from Mexico who are interested in luxury condominiums in the United States," he said.

Trevino is seeking $13 million in subsidy from City Hall to help with the project, a far lower sum that previous developers have said they would need to turn around the building.

Trevino said a group of private investors have already secured financing for the difference in the project's cost.

Workers are even now bringing equipment into the building to begin asbestos abatement and other preliminary work that should be complete in 6 months, he said.

The building will be renamed "the Grand Ricchi," Trevino said.

"Dallas in our perspective has always been about wealth, he said.

... by Rudolph Bush/Reporter

Hamilton's Aloft Hotel downtown is running strong, even if the signs aren't

On the way into City Hall this week, I got a jolt when I saw the signs for Larry and Ted Hamilton's new Aloft Hotel had been all covered up.

My first thought was, uh-oh, if this can't make it downtown then the whole idea of resurgence just took a big step backward.

The hotel is steps from the Dallas Convention Center, and the city pledged $4.2 million in TIF dollars over 7 years to help boost its success.

The Hamiltons completely restored the building and partnered with a proven operator in W Hotels to run the place.

Failure would have called everything into question.

But Ted Hamilton reports that far from being in trouble, the hotel at 1033 Young St. had a much stronger December than projected.

The cast and crew for the musical of 101 Dalmations made it their home while they were in town and on New Year's Eve the Aloft was all sold out, he said.

"We were almost double our projections. We're projecting 2010 to basically be a successful year," Ted Hamilton said.

So what the what with covering up the signs?

It seems that after all was said and done and the hotel opened its doors, the city determined the signs didn't conform to code. The lower sign is too close to the property line and too big. The upper sign projects off the top of the building when it should be entirely attached.

So for the next six months or so, while the Hamiltons work to get a variance, the Aloft's signs will be covered over in more or less transparent plastic tarps.

But the doors will be very much open.

First Baptist of Dallas to seek license for 2,300 square foot sky bridgefrom Dallas property tax values set to decline this - DALLAS CITY HALL

On Wednesday, First Baptist Church of Dallas will be looking to pay City Hall about $15,000 a year so the church can get rights to build and maintain a 2,283 square foot sky bridge above St. Paul Street near Wenchell.

As you may have heard, the church of Mayor Tom Leppert pastored by the controversial Robert Jeffress is planning a $130 million expansion of their current dwelling downtown.

The item is listed on the City Council's consent agenda.

An ordinance granting a private license to First Baptist Church of Dallas, Texas for the use of approximately 2,283 square feet of air space to install and maintain a pedestrian skybridge above portions of St. Paul Street located near its intersection with Wenchell Street - Revenue: $14,845 annually plus the $20 ordinance publication fee

Friday, January 22, 2010

2009 was a long, strange trip in the Dallas-area home market

How you look at the Dallas-area housing market has a lot to do with what neighborhood you're in.
In 2009, median home sales prices were up in Westlake, Richardson, Garland and Duncanville. But in the Park Cities, North Dallas and Lancaster, there were more double-digit price declines. And while home sales were flat for the year in Frisco, down the road in Plano the number sold through the Realtors' Multiple Listing Service fell 16 percent.
"2009 was perhaps the strangest in my 32 years in the business," said sales agent Barry Hoffer of Ebby Halliday Realtors. "It was hard to really read any trends at all.
"With most of the emphasis on the negative side of the business news, many qualified buyers were just reluctant to make a move at all – and that despite discounted home prices, negotiable sellers and very attractive interest rates," he said. "I sense more calmness in the market now, and, hopefully, 2010 will be a decent year."
Total home sales in North Texas dropped 11 percent in 2009 and overall median prices were flat, according to statistics from North Texas Real Estate Information Systems Inc. and the Real Estate Center at Texas A&M University.
The job market is expected to rebound in Dallas-Fort Worth this year, and residential agents are more optimistic. The last couple of years have been tough for the local housing industry.
By the neighborhood
"I believe the real estate recovery in 2010 will give some neighborhoods the boost they are waiting for," said Lydia Player of Virginia Cook Realtors. "Other areas are going to be much slower to see improvement.
"However, we'll see a rise in the number of sales and in prices across the board," she said. "As sales strengthen in each neighborhood, they will have a positive effect on the other neighborhoods in the city."
The large number of foreclosed homes coming on the market in North Texas will be a drag, analysts and agents agree.
"When there is a clearance sale going on in the neighborhood, it's going to be hard to sell your home without offering a discount as well," Player said. "Fortunately for some neighborhoods, the distressed sales have been few."

Overall foreclosure filings were up 23 percent in the D-FW area last year.

Listings slide

Even so, pre-owned home listings in North Texas are down 14 percent from a year ago.
"It will be interesting to see what homeowners do this spring," Player said. "A huge number of buyers and sellers have been dipping their toe into the market."
Several economists are predicting a slight uptick in Texas home prices this year. That would be good news for the neighborhoods that have suffered declines. But not all boats will rise with the tide.
"As the prices adjust and inventory decreases, then the markets will level off and the differences in neighborhoods will become more consistent," said Robbie Briggs of Briggs Freeman Realtors. "There will obviously always be differences due to many factors regarding location, school districts, convenience and demographics."

DMN/Steve Brown


 The office markets in Dallas–Fort Worth and Houston struggled in fourth quarter 2009, while Austin and San Antonio showed some positive signs, according to Grubb & Ellis.
Dallas–Fort Worth ended 2009 with a total negative absorption of 941,499 sf, 265,402 sf of which was posted in the fourth quarter. Vacancy rose 30 basis points to 22.8 percent in the fourth quarter, its highest level in over four years. Overall asking rents declined $0.20 in the last quarter to $20.68 per sf across all property classes.
Houston posted 295,713 sf of negative absorption in fourth quarter 2009, bringing the annual absorption to negative 2.4 million sf. Overall vacancy increased 30 basis points to 16.4 percent and overall full-service asking rents decreased across all classes, falling $0.46 to $23.35.
The office market looked a bit better in Austin, where 129,885 sf of positive absorption was recorded in the fourth quarter. However, the capital still posted 189,280 sf of negative absorption for the year. Overall vacancy declined by 20 basis points to 20.7 percent during the quarter, but ended the year 190 points higher than last year, reaching a five-year peak. Class-A and -B rents fell $0.21 and $0.10 in the fourth quarter, respectively, bringing Class-A asking rents to $28.83 and Class-B asking rents to $21.17.
Positive postings continued in San Antonio’s office leasing market, where fourth quarter 2009 wrapped up with 212,000 sf of positive absorption. However, the city’s annual absorption remained in the red at negative 57,221 sf. Vacancy rates dropped 90 basis points to 18.2 percent during the fourth quarter, but so did overall asking rents, falling $0.17 to $21.43 per sf. Class-A asking rents were the only ones to increase, rising $0.07 to $25.02.


 Smaller homes, lower prices. That's the outlook for new home builders this year. In fact, 95 percent of those polled by the National Association of Home Builders (NAHB) say they will do one or the other, maybe both.
Rose Quint, assistant vice president for NAHB's Survey Research Economics and Housing Policy Group, told the media at the 2010 NAHB International Builders' Show that builders were given a list of 40 features and asked which ones they were likely to include in new homes this year. Here's what's hot and what's not.
Items most likely to be found in new homes for 2010:
1.     Walk-in closet in master bedroom
2.     Separate laundry room
3.     Insulated front door
4.     Great room
5.     Low-E windows
6.     Linen closet
7.     Programmable thermostat
8.     Energy-efficient appliances and lighting
9.     Separate shower and tub in master bedroom
10.   Nine-foot ceilings on first floor
The least likely items homebuyers will find in new homes this year include:
1.     Outdoor kitchen
2.     Outdoor fireplace
3.     Sun room
4.     Butler's pantry
5.     Media room
6.     Desk in kitchen
7.     Two-story foyer
8.     Eight-foot ceiling on first floor
9.     Multiple shower heads in master bath
10.   Smaller kitchen area than in recent years
"Builders will focus heavily on energy-saving features," said Quint. "Things we thought were consumer necessities — such as granite countertops in the kitchen or home offices — are not on the list."
Also on the chopping block this year are energy-guzzlers like the high-ceiling entryways. Builders hope nine-foot ceilings will give the buyer a feeling of more square footage, which has been reduced.
Buyers will be looking for ways to save money. For example, water-saving toilets use an average of 39,000 fewer gallons of water annually for a family of four. That's enough for a lifetime of drinking water for three people, said Shane Judd, senior marketing manager of water conservation for Kohler.
NAHB conducted a consumer survey to compare the wants of older buyers with others.They found that those age 55 and older have a slightly different "want" list in a new home:
1.     Washer-dryer in the unit
2.     Storage space
3.     Windows that open easily
4.     Garage door opener
5.     Easy-to-use thermostat
6.     Master bedroom on first floor
7.     Private patio
8.     Porch
9.     Attached garage
10.   Bigger bathrooms

Two Dallas Office Buildings Trade Hands

Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it acquired two class-A office properties located in Dallas, TX in December 2009. The properties total approximately 324,000 square feet.
Preston Sherry Plaza is located in the desirable Preston Center submarket of Dallas. It was constructed in 1986 and totals approximately 147,000 square feet. The property is 89% occupied and major tenants include Remington Oil and Gas Corporation and The Frost National Bank. The property offers many amenities, convenient access to Dallas' major thoroughfares and has been able to command strong rental rates in the Dallas market.
"This acquisition presents an opportunity for us to enhance the portfolio's core office holdings with a class-A property in what we believe is one of Dallas' premier office markets," said Guy Arnold, president of Dividend Capital Total Realty Trust Inc. "In addition, the in-place debt provides attractive terms and does not mature until 2015, providing us the opportunity to enhance yields, control an institutional-quality building and build potential value for our shareholders."
Park Place is located in the Uptown/Turtle Creek submarket of Dallas -- one of the city's most desirable live/work urban environments. It was constructed in 1986 and totals approximately 177,000 square feet. The property is currently 70% occupied and major tenants include Plains Capital Bank, HQ Global Workplaces and Analysis Group.

"This property offers a value-add opportunity in one of the highest rent submarkets in the Dallas metro area," said Arnold. "The low initial cost basis should enable us to reposition the property to attract tenants, boost occupancy and increase yields."
Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of September 30, 2009, the company owned 76 properties totaling approximately 12.5 million square feet in 26 geographic markets.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect(s)," "could," "should," and "continue" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results materially different from those described in the forward-looking statements. Dividend Capital Total Realty Trust Inc. can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Dividend Capital Total Realty Trust Inc.'s expectations include, but are not limited to, the uncertainty of the sources for funding Dividend Capital Total Realty Trust Inc.'s future capital needs, delays in the acquisition, development and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically and the other risks detailed from time to time in Dividend Capital Total Realty Trust Inc.'s Securities and Exchange Commission reports. Such forward-looking statements speak only as of the date of this press release. Dividend Capital Total Realty Trust Inc. expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Dallas Urban Core Market Data

 2009 will likely be remembered and studied for some time to come as one of the most challenging economic periods in modern history. The market is at a point of increasing vacancy rates, low new construction, low absorption, low employment and negative rental rate growth. Below is a snap shot of the Dallas Urban Core Commercial Real Estate Market Data.

Dallas CBD
  • Office inventory - 35,745,390 SQ. FT.
  • Vacancy Rate - 21.20%
  • Vacancy- 7,578,023 SQ. FT.
  • AVG Annual Net Absorp. 2006-2009 - 16,097 SQ. FT.
  • Total Under Construction - 2010-2013- (0) SQ. FT. 
  • Forecast AVG Net Absorp. 2010-12 - (143,333) SQ. FT. 
  • Total Value Change - (15%)
  • Est Years to Balance - 10

CBD Office
  • Cap Rates - 8.5%
  • Discount Rate - 9.5%
  • Reversion Rate - 8.75%
  • Anticipated Market Rent Changes - (1.5%)
  • Anticipated Expense Growth - 3%
  • Tenant Finish Allowance - $20
Neighborhood Strip
  • Cap Rates - 8.25%
  • Discount Rate - 9.25%
  • Reversion Rate - 8.5%
  • Anticipated Market Rent Changes - (1%)
  • Anticipated Expense Growth - 3%
  • Tenant Finish Allowance - $15
  • Cap Rates - 8.5%
  • Discount Rate - 9%
  • Reversion Rate - 8.75%
  • Anticipated Market Rent Changes - 1.5%
  • Anticipated Expense Growth - 2.75%
  • Tenant Finish Allowance - $3
CBD Lodging
  • Cap Rates - 9.5%
  • Discount Rate - 10.5%
  • Reversion Rate - 9.75%
  • Anticipated Market Rent Changes - 0
  • Anticipated Expense Growth - 3%
  • Tenant Finish Allowance - $0
Urban Multifamily
  • Cap Rates - 7.75%
  • Discount Rate - 9.25%
  • Reversion Rate - 7.75%
  • Anticipated Market Rent Changes - 0
  • Anticipated Expense Growth - 3%
  • Tenant Finish Allowance - $0

Lincoln Park Refinanced for $22.6 Million

The dallas office of Holliday Fengolio Fowler (HFF) has arraned a 422.6 million loan for the refinancing of Lincoln Park, a 148,806-square-foot retail center located in Dallas. The center is situated at the corner of West Northwest Highway and north Central Expressway, across from North Park Mall. The center is anchored by a Tom Thumb supermarket; additional tenants include The Cheesecake Factory, The Container Store and Barnes & Noble. Occupancy was 98% at the time of closing. HFF's Kevin MacKenzie and Trey Morsbach arranged the loan, which arries a 5-year term and fixed interest rate on behalf of the borrower, a joint venture between Inland western REIT and a client of Invesco Real Estate. The lender was not disclosed.

Tuesday, January 19, 2010

Weitzman: Another tough year for retail

Occupancy of retail real estate across North Texas fell in 2009 and will likely continue a downward trend this year as store closings, weak consumer demand and shifting shopping habits continue to take a toll on the market.

That was the conclusion of a Shopping Center Survey and Forecast presented Tuesday morning in Dallas by retail real estate firm The Weitzman Group.

Overall occupancy in the Dallas-Fort Worth retail sector fell to 86.5 percent at year end 2009, a 1.2 percent drop from the previous year, according to the survey of more than 1,300 shopping centers in North Texas. Occupancy fell in all five types of properties measured — neighborhood centers, community centers, power centers, mixed-use centers and malls.

"No doubt we're in for a slow market and more store closings (this year)," said Herb Weitzman, chairman and CEO of The Weitzman Group.

In today's environment, "tenants are king," and landlords should be pro-active in helping tenants weather the recession by offering rent reductions and other relief, when appropriate, Weitzman said.

"Stability is the new up" in 2010, Weitzman joked. He said it will be another five years before the D-FW retail real estate market fully recovers.

Absorption, which measures the net gain or loss in occupancy of existing and new retail space, rose by 464,404 square feet across the area, said Bob Young, managing director of The Weitzman Group. The good news was that absorption ended the year in positive territory; the bad news was that it was the smallest gain in a decade, Young said.

In terms of construction, 2.9 million square feet of shopping space was built in 2009, which is the lowest total of new space in a decade, Young said. Most new construction occurred in Allen, Northeast Dallas and Arlington.

Most of 2009's building was the completion of projects in progress, and very little new retail space will be developed in 2010, Young said.

"This year we're looking at basically no new projects," he said.

On the bright side, the retail picture looks worse almost everywhere else.

"Even with the challenges, Dallas-Fort Worth is performing as good or better than any retail market in the country," Young said.

Retailers should be helped somewhat by a slowly improving housing market, said Ted Wilson, principal of Residential Strategies Inc., who also presented information at the morning session held at Nick & Sam's restaurant in Dallas' Uptown area.

Residential foreclosure filings in North Texas have moderated, prices have stabilized, homebuilders' margins are improving and the pace of housing starts seems to have bottomed at about 13,000 units — a decline of 74 percent from the market's peak, Wilson said.

"While there are still challenges in the housing market, we do believe the worst is behind us," he said.

Dallas Business Journal

C.C. Young breaks ground on housing center

By STEVE BROWN / The Dallas Morning News
C.C. Young, the longtime Dallas seniors housing operator, broke ground Thursday for a $40 million residential building near White Rock Lake.

The 232,000-square-foot, six-story Overlook is being built at 4847 W. Lawther Drive near Mockingbird Lane.

The project will open in 19 months and will provide housing to 140 residents in 108 apartments. The building also will house a new main kitchen for the 20-acre C.C. Young campus and underground parking.

Monday, January 18, 2010

$65 million refinancing completed for downtown office tower

Mortgage banking firm Holliday Fenoglio Fowler L.P. said Monday that it has completed a $65 million refinancing for 1700 Pacific office tower in downtown Dallas.

The 49-story skyscraper is owned by Berkeley Investments.

Holliday Fenoglio Fowler negotiated a five-year, fixed-rate loan with ING Investment Management.

The 1.3 million square-foot office tower is leased to tenants including Akin Gump Strauss Hauer and Penson Worldwide.

Berkeley Investments is owned by Jon Hamilton and the Hamilton family.

Downtown Dallas' landmark Elm Place tower shutting its doors

One of downtown Dallas’ office skyscrapers is closing its doors.

The 52-story Elm Place tower at 1401 Elm Street has been a landmark in the central business district for more than 40 years

But low occupancy in the building and a foreclosure on part of the project have prompted the owners to shut down the property.

“We’ve tried our best, but there’s nothing else we can do,” Guerrino Savio, who represents the owners, said Friday. “Most of the tenants have left or are in the process of leaving.”

Savio said occupancy in the office tower had fallen to about 20 percent last year and has recently gone even lower.

“It got to the point it was impossible to keep operating,” he said. “For every dollar in rent we receive you have to spend five dollars in expenses.”

The owners have spent more than $12 million in recent years making up the deficit between the rental income and operating expenses.

The million-square-foot dark gray glass and white stone tower at Elm and Akard streets will now be the largest empty building in downtown Dallas.

Built in 1964, it originally housed the offices of First National Bank and other prominent office tenants.

“The building in those days was one of the buildings to be in in Dallas - it was an icon,” Savio said.

Bank of America had a large operation in the building until it was relocated last year. The lower nine floors of the building – under separate ownership – were foreclosed on in early 2009.

With most of the tower now sitting empty, the remaining tenants are packing up.

“The building is going to be shut down, and it’s a shame,” said John Taylor, who has his family insurance business on the 34th floor. “I was the first one to move into the building, and I will be one of the last to leave.”

Taylor is relocating his offices up the street to the Adolphus Tower – the same place he was located before moving to 1401 Elm 46 years ago.

“I’m a downtown person,” Taylor said.

When Elm Place opened, it was the tallest U.S. building west of the Mississippi.

Designed by architects George Dahl and Thomas Stanley, it’s still one of the biggest on Dallas' skyline.

But with competition from newer buildings downtown, in Uptown and in the suburbs, the oldest offices in the central business district are at a disadvantage.

At the end of 2009, almost 30 percent of downtown Dallas’ office space was empty – much of it in older buildings like Elm Place.

“This building in any other city would be worth a lot of money, but in Dallas it’s a liability,” Savio said. “We will still have the real estate taxes to pay, ground leases and security costs - even if it’s closed.”

Wednesday, January 06, 2010

2010 Commercial Property Tax Update

Will the 2010 Dallas commercial real estate market overcome its current challenges?

According to the news article above it wont!

The commercial real estate market has many current challenges pushing from all sides. Tenants are hard to come by. Rent is hard to come by. Debt pressures are increasing. And every owner has the burden of real estate taxes (don't pay them and we will see who really owns your property!). Despite these paramount issues many appraisal districts are still increasing taxes.

So just fighting to reduce your property tax assesment at the appraisial district is not enough you need a good case. You have to educate your assessor concerning your occupancy cost ratios for tenants. It appears as though many tenants are at risk of not renewing leases or default due to unsustainable occupancy cost.

In the times ahead occupancy rates wont tell the whole story for commercial properties. Everyone has seen the low holiday sales numbers and headline stories of tenant defaults. This has happen to not just the mom and pop stores but the big boys too remember a store called Circuit City!!!!

Real Estate Taxes due soon!

A little advise for those looking to reduce property tax assesment for 2010 get apprasial now.
January is a great time to get an appraisal of your property to fight your upcoming tax assesment.
Need more commercial property tax advice!

Give Harvard Property Tax Consulting a call to see how we can help with your property taxes or refer a friend!

Harvard Property Tax Consultants specializes in Commercial Property Tax Appeals. 
Contact us at 469.737.7708, Harvard Property Tax, 2222 Elm Street, Suite 200, Dallas, TX 75252

Monday, January 04, 2010

Atlas Properties buys more than half of Oak Lawn condo complex

Fort Worth-based investor Atlas Properties said Monday that it has bought more than half of the Piazza Siena condominium complex in Dallas’ Oak Lawn neighborhood.

The private investor acquired 56 units in project at 3102 Kings Road in a partnership with Dallas-based Trinity Private Equity Group.

Piazza Siena is a 96-unit development built in 2001.

The condos will be sold to owner occupants after undergoing some improvements. The units will be “priced significantly below historical prices and competing projects," Atlas Properties president Adam Blake said. Units will start at less than $100,000 for a one-bedroom.

Real estate service firm Transwestern arranged the bulk sale.

Atlas Properties has been in business since 2004.

Dalla Morning News

Spire Realty adds to its land holdings near the Arts District

Investor Spire Realty Group has bought almost two acres of land in downtown Dallas near the Arts District.

The property on Ross Avenue near Routh Street was acquired from lender Compass Bank. Terms of the sale were not disclosed.

The vacant tract, which also fronts San Jacinto Street, was previously owned by apartment developer JPI. JPI turned over the land to its lender, Compass Bank, when plans for an apartment complex on the property were canceled, real estate broker Lindsay Allen of Apartment Realty Advisors said Monday.

Spire Realty owns other land in the area and was eager to buy the tract, said Allen, who brokered the sale with John Bradley of Bradley & Bradley Realtors. “They closed the purchase in just 15 days,” she said.

The land is across the street from JPI’s Arts Apartments by Jefferson, which will open this summer.

Spire Realty Group already owns more than eight acres in the area between Ross and Bryan Street.

Dallas Morning News

HTA acquires Dallas LTAC hospital

Healthcare Trust of America Inc., a real estate investment trust, announced this week that it has completed the acquisition of Dallas LTAC Hospital for about $27.3 million dollars.

Scottsdale, Ariz.-based Healthcare Trust of America Inc., also known as HTA, purchased the 52,400 square foot, 60-bed long term acute care hospital from a partnership between local physicians and Gulf States Health Services, according to HTA officials. The four-story hospital is located between Presbyterian Hospital of Dallas and Medical City Dallas Hospital, north of downtown Dallas in an area known as North Central Medical District at 8050 Meadow Road

The hospital was developed two years ago, and it is subject to a long-term lease with a subsidiary of RehabCare, a national provider of post-acute services, based in St. Louis, Missouri.

“We look forward to our continued relationship with RehabCare and the physicians associated with this property,” said Mark D. Engstrom, HTA’s executive vice president of acquisitions in a statement.
This acquisition brings HTA’s investments in Texas to more than $207 million in health care properties, according to HTA. Since January 2009, HTA has acquired over $339 million in assets nationwide. The new assets include a total of 25 individual properties, representing in excess of 1.4 million square feet.

HTA is a self-managed, publicly registered, non-traded real estate investment trust, which has acquired 47 geographically diverse medical properties, comprised of 157 buildings and two real estate-related assets, valued at about $1.3 billion based on purchase price. HTA’s portfolio totals approximately 6.6 million square feet and includes 139 medical office buildings, five hospitals, nine skilled nursing and assisted living facilities and four other office buildings and real estate related assets located in 20 states through the United States.

Dallas Business Journal