Indianapolis-based Duke Realty Corporation recently acquired two portfolios of medical office assets totaling more than 1.5 million square feet. With these acquisitions, Duke Realty’s investment in medical office assets is now 15 percent, a goal the company established in 2009 as part of its five-year strategy to reposition its portfolio.
“These two recent transactions are significant for Duke Realty because they have enabled us to successfully meet our goal of having 15 percent of our investment in medical office assets ahead of our year-end 2013 target date,” said Denny Oklak, chair and chief executive officer of Duke Realty Corporation.
“Through these acquisitions, we also have been able to add high-quality, well-leased properties supported by strong healthcare systems to our portfolio and expand our presence in what we believe are high-growth healthcare markets,” he said. “In addition, we now have a significant presence in Florida, a targeted Duke Realty healthcare market, and expanded our relationships with five different hospital systems and the Department of Veterans Affairs.”
Duke Realty’s most recent acquisitions include a seven-building medical office portfolio totaling 334,000 square feet from Harbin Clinic LLC, the largest independent operator of multi-specialty practice clinics in Georgia, and a 14-building medical office portfolio totaling 1.2 million square feet from Seavest Healthcare Properties, a real estate investment management firm focused on medical office buildings and related outpatient facilities.
The acquisition of the Harbin Clinic portfolio was completed in September 2012 and the Seavest portfolio in October 2012. With the completion of these transactions, Duke Realty has medical office properties in 13 states, with a portfolio exceeding 6 million square feet.
