Altera Fund Advisors and Virtus Real Estate Capital acquired a four-property medical outpatient portfolio in Tucson from Healthcare Trust of America for $43.23 million ($201 PSF). The joint venture engaged Newmark to arrange financing for the deal.
The portfolio’s four assets are situated on or adjacent to hospital campuses in the Tucson market. The portfolio totals 215,571 rentable square feet in aggregate and was approximately 73 percent leased at closing.
The properties include:
Desert Life Medical Plaza for $5.2 million.
La Cholla Medical Center sold for $11.25 million.
Gateway Medical Plaza sold for $23.43 million.
Academy Medical Center sold for $3.35 million.
The first three are near Northwest Hospital, and the fourth, St. Joseph’s.
This is not Virtus Real Estate Capital’s first medical office acquisition in Arizona. Earlier this year, the company purchased Banner Health Center Plus, a 70,000-square-foot property built in 2021 in Phoenix, for $48.5 million.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.