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The Honolulu Advertiser
Posted on: Tuesday, February 26, 2008

Medical office building on Liliha St. sold

By Andrew Gomes
Advertiser Staff Writer

A California-based real estate investment trust has agreed to buy a 108,000-square-foot O'ahu medical office building on Liliha Street as part of a deal to acquire 28 such properties that are mainly on the West Coast.

Nationwide Health Properties Inc. said it's buying the seven-story Outpatient Medical Pavilion at Hawai'i Medical Center East from another California owner, Pacific Medical Buildings LLC.

The building on leasehold land at 2226 Liliha St. houses several tenants, including a cancer center and dialysis facility, and is connected to the Hawai'i Medical Center hospital building by a tunnel.

Hawai'i Medical Center, formerly St. Francis Medical Center, was not involved in the sale.

Nationwide Health did not disclose a price for the Liliha office building but said it will pay $915 million for 28 buildings containing 2 million square feet of medical office space.

The acquisition is being spread over roughly three years and includes a half interest in a property management company.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.