White Plains, NY
Total Investment: $126.1 Million
GLA: 333 Thousand SF
Key Tenants / Affiliations:
White Plains Hospital
In 2014, HTA entered the White Plains market through the acquisition of six MOBs in two separate transactions. These investments give HTA exposure to great locations that serve some of the leading healthcare providers in one of the wealthiest counties in New York. It also expands the asset management and leasing platform in New York State to over one million square feet across multiple markets. With the acquisition of these six properties, HTA now has exposure to a highly affluent demographic in White Plains, New York.
The White Plains Medical Park is part of a high traffic, regional medical corridor and is immediately adjacent to the $120+ million Memorial Sloan Kettering Cancer Center-West Harrison. The campus has high occupancy and has demonstrated significant leasing activity since closing. It also includes sufficient land to support the development of a new 60,000-90,000 square foot, turn-key, custom built, state of the art MOB to meet growing demand. HTA purchased one of the buildings directly from the original developer. In this transaction the seller elected to invest a portion of their proceeds in HTA’s Operating Partnership by way of an UPREIT, signaling a firm vote of confidence in the overall HTA portfolio.
These acquisitions represent HTA’s strategy to invest alongside the growing demand for less costly outpatient care. Hospitals, physicians and clinics are expanding their care to outpatient community-core locations with high visibility, significant foot traffic and a dense patient base that drives demand. Practices located on a community-core campus like White Plains benefit from a high-quality tenant mix which ultimately drives synergies, a healthy referral base, long-term tenancy and retention, rent growth and overall lifts in occupancy.