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Healthpeak secures option to buy $1.3B Calif. development properties

Healthpeak Properties Inc. said it signed an agreement giving it an option to acquire up to 24 senior housing development properties in California when Oakmont Senior Living LLC elects to sell.

The portfolio has a projected value of approximately $1.3 billion. The acquisition options will be offered in tranches between 2020 and 2023, including approximately $200 million in the first half of 2020.

Healthpeak will use downREIT units to partially pay the acquisitions, after which the company intends to enter into a management contract with Oakmont Management Group.

The healthcare real estate investment trust will also start the construction of the $164 million The Boardwalk life science development and redevelopment project on Science Center Drive in the Torrey Pines life science cluster in San Diego.

Construction on the approximately 190,000-square-foot campus is expected to begin in the first quarter of 2020, with tenants expected to be accommodated as early as the second quarter of 2021. The campus is projected to generate an estimated yield on cost of 7% upon stabilization. The class A campus is expected to receive a LEED certification.

Separately, as part of their development program, HCA Healthcare Inc. and Healthpeak will carry out a $46 million expansion of the TriStar Centennial Medical Center Campus in Nashville, Tenn. The project will add a 172,000-square-foot, six-story class A medical office building in the campus, with construction to begin in mid-2020. The project is 45% pre-leased.