December 5, 2011
NorthWest Healthcare Properties REIT acquires New Glasgow, Nova Scotia medical office building
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) recently announced it acquired for $10.3 million a 33,800-square-foot property near Aberdeen Regional Hospital in New Glasgow, Nova Scotia, about 60 kilometres east of Truro
The property, which houses medical office and retail tenants, is at 808-810 East River Road. The transaction is expected to close before the end of calendar year 2011.
The property is currently leased to Lawtons Drugs and has several physician’s offices. It also includes a half-acre of land beside the building, some of which is used for tenant parking and which is a “possible future development opportunity,” the company stated in a press release.
“The REIT believe that the acquisition of 808-810 East River Road will further solidify its market leadership in healthcare real estate in the Province of Nova Scotia and in Canada,” the company stated.
NorthWest Healthcare Properties REIT holds 56 income-producing properties, mainly medical, with about 3.9 million square feet of gross leasable area in British Columbia, Alberta, Ontario, Quebec, Nova Scotia and New Brunswick.
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