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NEWPORT BEACH, CALIF. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Newport Beach-based Griffin-American Healthcare REIT II Inc., have acquired 21 healthcare-related buildings for an aggregate purchase price of $141.3 million. The portfolio includes 17 medical office buildings and four skilled nursing facilities located in Georgia, Illinois, Indiana, Massachusetts, Oregon, Pennsylvania and Texas.
“We continue to source attractive acquisitions on behalf of Griffin-American Healthcare REIT II and its stockholders,” says Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of the REIT. “In a competitive market, we are proud to be among the most active buyers of healthcare real estate as we continue to build a diverse portfolio on behalf of stockholders.”
The properties acquired include 11 medical office buildings in the central Indiana medical office building portfolio; two skilled nursing facilities in Milton and Watsontown, Penn.; the Rockwall Medical Office Building II in Rockwall, Texas; the Des Plaines Surgical Center in Des Plaines, Iowa; the Fairview Skilled Nursing Facility in Grants Pass, Ore.; and four medical office buildings in the Winn Medical Center Medical Office Portfolio in Decatur, Ga.
Griffin-American Healthcare REIT II financed the acquisitions using cash on hand, the assumption of existing mortgage loan payables totaling $53 million and limited partnership units of Griffin-American Healthcare REIT II Holdings LP, the REIT's operating partnership. The units of the operating partnership were issued to the sellers of Central Indiana Medical Office Building Portfolio as partial payment for the acquisition.
American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate, including medical office buildings, skilled nursing facilities, assisted living facilities and hospitals.
Griffin Capital Corp. is a privately owned real estate investment company headquartered in Los Angeles. Griffin Capital and its affiliates currently own and manage a portfolio consisting of more than 13.4 million square feet of space, located in 28 states and representing approximately $2.2 billion in asset value.
Griffin-American Healthcare REIT II is a publicly registered, non-traded real estate investment trust organized to invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings and healthcare-related facilities. The REIT’s portfolio totals 174 buildings, which were acquired for approximately $1.56 billion. As of March 31, the Griffin-American Healthcare REIT II property portfolio was 96 percent leased with a weighted average remaining lease term of approximately nine years and leverage (total debt divided by total assets) of 21.7 percent.
— Brittany Biddy