Easterly Government PropertiesÂ (NYSE: DEA) has agreed to buyÂ two Department of Veterans AffairsÂ medical centers for a combined purchase value of $260 million.
Washington-based Easterly is a real estate investment trustÂ that acquires, develops and manages Class AÂ buildings leased primarily to the federal government.
The company said TuesdayÂ the first deal covers the acquisition of the VA ambulatory care center in Loma Linda, California, that opened in 2016 to provide outpatient services to nearly 72,000Â U.S. military veterans.
VA-Loma Linda is the department’s second-largest outpatient facility in the country with 327,614 square feet of rentable space and is 100-percent leased to the governmentÂ through an initial 20-year lease agreement that will run through May 2036.
Easterly will also acquire andÂ complete the development of the VA-South Bend outpatient clinic under construction in Mishawaka, Indiana, underÂ the second deal.
The company notedÂ itÂ aims to lease theÂ facility to the departmentÂ for an initial periodÂ of 15 years once the medical building is finished.
Easterly CEOÂ William Trimble III said the transactions support the company’s efforts to enter into the VA market.
The company expects to close the VA-Loma Linda purchaseÂ in the second quarter of 2017 and the VA-South Bend acquisition inÂ Q3.
Both facilities are designed to comply withÂ theÂ U.S. Green Building Council’s Leadership in Energy and Environmental Design certification requirements.