WindroseProperties Trust (NYSE: WRT), an Indianapolis-based medical REIT, has purchased a multi-tenant office building in Charlotte, N.C., for $5.65 million. The Park Medical Center is 92% leased to 10 tenants, including Carolinas Physicians Network Inc., which occupies 30% of the building’s rentable space.
WRT went public last August. Its IPO originally set out to launch 6.7 million shares at $15 apiece on the New York Stock Exchange. Instead, the REIT raised $67.2 million, one-third less than initially planned, after selling 5.6 million shares for $12 each.
Since then, the REIT has closed on seven medical properties for a total of $63.1 million.
"The Charlotte marks the completion of the seven initial property acquisitions that were described in our prospectus and were under contract at the time of the IPO," says Fred Farrar, president and COO of WRT. "Both our acquisition pipeline andpipeline are robust for adding properties beyond those outlined in the IPO, and we anticipate announcing definitive transactions later this month as well as declare an initial dividend to our shareholders."
WRT was created to acquire, develop and manage specialty medical properties such as medical office buildings, outpatient treatment and diagnostic facilities and physician group practice clinics. Health care REITs were added to the Morgan Stanley REIT index this past July.