Bethesda-based Global Medical REIT paid approximately $16.5 million on Thursday for a five-asset portfolio of medical office buildings in Greater Orlando, marking its entry to the local investment market.
The five buildings were all fully leased by Orlando Health at time of sale, and have long-term lease renewals through 2024 with the local healthcare giant.
Spread across Orlando, Lake Mary, Longwood and Ocoee, the five buildings total 59,644 square feet of net rentable area, were built between 2006 and 2008, and feature an in-place net operating income (NOI) of more than $1.535 million, according to Cushman & Wakefield, which marketed the portfolio exclusively last fall.
Officials with Global Medical declined to comment Friday on the deal.
The publicly-traded REIT focuses on acquiring licensed, state-of-the-art, purpose-built healthcare facilities like acute care and specialty hospitals, outpatient treatment and diagnostic facilities, physician group practice clinics and ambulatory surgery center, per its website.
Global Medical has one other office property in Florida, a 78,000-square-foot building in Melbourne bought in 2016, per its website portfolio.
The C&W team first presented the five-asset portfolio to prospective investors in May 2017 at the Building Owners and Managers Association conference for medical office buildings and healthcare real estate.
The property sellers were all affiliates of Orlando Health Physician Associates, one of the largest healthcare groups in Central Florida. Longwood-based Physician Associates was acquired in 2013 by Orlando Health.