Nationwide Health Properties, Inc. (NHP) said Friday that it has acquired two medical office buildings under an amendment to the original agreement with Pacific Medical Buildings LLC and certain of its affiliates.
Effective as of February 1, NHP acquired the Pomerado Outpatient Pavilion in Poway, California for an aggregate purchase price of $74.0 million consisting of cash and the issuance of 301,599 units of limited partnership interest in NHP/PMB L.P., a limited partnership, for which a subsidiary of NHP acts as general partner. The $47.5 million mortgage loan previously made by NHP to the former owners of the Pomerado Property was satisfied at the closing.
Effective as of February 1, NHP entered into a limited liability company agreement and a contribution agreement with PMB Gilbert LLC. Under these agreements, NHP and PMB Gilbert LLC formed a limited liability company to acquire the Mercy Gilbert Medical Plaza in Gilbert, Arizona. PMB Gilbert LLC contributed the Gilbert Property to the Gilbert JV, and NHP contributed $6.3 million in cash. In addition, NHP agreed to loan the Gilbert JV up to $8.8 million as project financing, including $6.8 million that was disbursed initially. NHP owns a 71.2% interest in the Gilbert JV. Pursuant to a contribution agreement dated as of February 1, 2010, among NHP, NHP/PMB, Pac Med and PMB Gilbert LLC, NHP/PMB may in the future acquire the Gilbert JV if certain conditions are met.
Effective as of February 1, NHP and NHP/PMB amended and restated their Pipeline Property Agreement, dated April 1, 2008, with PMB LLC and PMB Real Estate Services LLC. Under this agreement, NHP/PMB has the option to acquire future medical office buildings developed through a joint venture between NHP and PMB LLC.
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