Altera Fund Advisors and Virtus Real Estate Capital have recently acquired a portfolio of four medical outpatient properties in Tucson for $43.23 million, at a price of $201 per square foot. The joint venture enlisted the services of Newmark to secure financing for this transaction.
The portfolio consists of 215,571 rentable square feet and is strategically located on or near hospital campuses within the Tucson market. At the time of closing, these assets were approximately 73% leased.
The properties included in this acquisition are Desert Life Medical Plaza (sold for $5.2 million), La Cholla Medical Center (sold for $11.25 million), Gateway Medical Plaza (sold for $23.43 million), and Academy Medical Center (sold for $3.35 million). These properties are all situated near Northwest Hospital except St.Joseph’s which is located nearby.
This marks Virtus Real Estate Capital’s latest investment in Arizona’s medical office sector following their purchase earlier this year of Banner Health Center Plus – a newly built property spanning 70,000 square feet in Phoenix – at a cost of$48 .5million.
