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Health Care Building in Baltimore, Land in California Move in Tight Market
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In our attempt to stay on top of local acquisitions and dispositions, citybiz real estate this morning reported that a 62,000 square foot medical office building in Baltimore has been acquired by Healthcare Trust of America, Inc. for $11.25 million. The asset is 98 percent leased, and located inside the medical hotbed that is Baltimore.
"This acquisition provides HTA entry into a new geographic market with a very strong healthcare system," said Mark D. Engstrom, the REIT's Executive Vice President of Acquisitions in a release. "In addition to the existing building, HTA will acquire certain development opportunities as part of the transaction." Engstrom has not yet replied to follow up questions posed by citybiz real estate related to the story.
But it's not the only recent acquisition to provide fodder for commercial real estate valuation geeks. The following is from an 8-K Filing on late Thursday from Shopoff, the non-traded land REIT based in California:
2.01. Completion of Acquisition or Disposition of Assets
On November 5, 2009, an affiliate of Shopoff Properties Trust, Inc. (the “Company”), SPT-Lake Elsinore Holding Co., LLC, a Delaware limited liability company and wholly owned subsidiary of the Company’s affiliate, Shopoff Partners, L.P. (“Buyer”), closed on the purchase of real property, commonly known as “Tuscany Valley,” consisting of (a) 519 entitled but unimproved residential lots and 2 commercial lots located in the City of Lake Elsinore, California, and (b) 400 acres of unentitled and unimproved land located in the City of Chino Hills, California. The purchase price was $9,600,000.
The purchase was made pursuant to a purchase and sale agreement and joint escrow instructions, dated September 30, 2008 (the “Tuscany Valley Purchase Agreement”), by and between the Company’s Advisor, Shopoff Advisors, L.P. (the “Advisor”) and TSG Little Valley L. P., a California limited partnership (“Seller”), whereby Seller agreed to sell and the Company’s Advisor agreed to buy, 163 entitled but unimproved residential lots located in the City of Lake Elsinore, California. The contract purchase price was $4,890,000.
Further on in the filing, it stated the following:
(O)n September 3, 2009, Buyer entered into a first amendment to purchase and sale agreement and joint escrow instructions with Seller, which amended the Tuscany Valley Purchase Agreement as follows: (a) Buyer agreed to purchase additional property from Seller consisting of 356 entitled but unimproved, residential lots and 2 commercial lots located in the City of Lake Elsinore, California and 400 acres of unentitled and unimproved land located in the City of Chino Hills, California, (b) the purchase price was increased to $9,600,000 from $4,890,000, (c) the nonrefundable deposit requirement was increased to $2,000,000 from $1,000,000, and (d) the escrow closing date was amended to on or before November 30, 2009.
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