Nationwide Health Properties, Inc. (NYSE: NHP) announced the acquisition of five additional medical office buildings, all located on the campuses of A-rated healthcare systems, from Pacific Medical Buildings LLC, a California limited liability company (“Pac Med”), and certain of its affiliates, as follows:
- MissionViejo,California. A 65% interest in a joint venture with Mission Hospital Regional Medical Center in a 140,000 square foot facility in Mission Viejo, California for an aggregate of $67.3 million, including the assumption of $48.1 million of debt, $14.2 million of cash and $5.0 million in units of limited partnership interest.
- Orange,California. A 69% interest in a joint venture with physicians associated with St. Joseph Hospital of Orange in a 130,000 rentable square foot facility in Orange, California for an aggregate of $62.3 million, including the assumption of $50.2 million of debt, $8.1 million of cash and $4.0 million in units of limited partnership interest.
- Pasadena,California. A 71% interest in a 190,000 square foot facility in Pasadena, California through a joint venture with an entity affiliated with Pac Med, in which NHP contributed $13.5 million of cash to the joint venture and provided a $56.5 million mortgage loan, of which $49.8 million has been funded, and a $3.0 million mezzanine loan. NHP has entered in to an agreement under which it may acquire the remaining interest in the joint venture in the future if certain conditions are met.
- SanBernardino,California. The remaining 55% interest in an entity affiliated with Pac Med that owns two medical office buildings totaling 130,000 square feet in San Bernardino, California, for $2.6 million of cash and the assumption of $6.2 million of debt.
PMB Real Estate Services, a 50/50 joint venture between NHP and Pac Med, will continue as the property manager for all facilities.