Finance news

Healthcare Trust of America Inc. has bought Sugar Land Medical Building II from Houston-based The Mission Cos. for approximately $12.4 million.

The 60,000-square-foot building is located at 15400 Southwest Freeway South, at the northwest corner of U.S. Highway 59 and Sugar Lakes Boulevard.

Sugar Land Medical Building II is located within one mile of several acute-care hospitals including Methodist Sugar Land Hospital, St. Luke’s Hospital and Sugar Land Medical Center.

The three-story building is 100 percent leased with 83 percent of the space leased by Texas Children’s Hospital through 2019.

The real estate investment trust said it acquired the three-story building because of the quality of the main tenant and the facility’s proximity to three hospitals in Sugar Land.

The building was developed by Mission Equities Inc. with two floors in 1999 cash advances pay day loan. A third floor was added to the structure in 2006.

Scottsdale, Ariz.-based Healthcare Trust is a self-managed, publicly registered, non-traded REIT.

This marks the second area acquisition for the company, which acquired the Cypress Station Medical Office Building in March 2008.

Mark Engstrom, executive vice president of acquisitions for Healthcare Trust of America, said this acquisition expands the company’s Texas healthcare portfolio to approximately 965,000 square feet with a total investment of approximately $275 million.

In 2010, HTA has acquired approximately $88 million in medical office assets nationally. These assets include a total of four acquisitions, representing approximately 454,000 square feet.

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