Arkadiusz Warguła/iStock via Getty Images
- Physicians Realty Trust (NYSE:DOC) stock advanced 1.6% in Tuesday after-hours trading after the health care REIT, through a joint venture with MedProperties Realty Advisors, closed its acquisition of Brooklyn, New York-based Calko Medical Center for $81.5M.
- Built in 2013, Calko consists of 85,567 rentable square feet, anchored by Maimonides Medical Center and physicians associated with the health system that operates three nonprofit hospitals in Brooklyn generating $1.3B in annual revenue.
- The property is currently 100% leased through 14 NNN leases with a weighted average remaining term of approximately seven years.
- Of note, DOC owns 90% of the joint venture, with MedProperties owning the remaining 10%. The stabilized cash yield on the investment is 5.5%.
- "This is a fantastic outpatient medical facility with a health care ecosystem that provides access to exceptional care for the larger Brooklyn population," said Physicians Realty CEO and President John T. Thomas.
- Previously, (Oct. 4) Physicians Realty Trust to acquire medical office portfolio for $764M.