IRVINE, CALIF. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT III Inc., have entered into an agreement to acquire the Independence Medical Office Building Portfolio for $135 million.
The portfolio is comprised of five buildings totaling approximately 461,000 square feet in New York, N.Y.; Verona and Morristown, N.J.; Somerville, Mass.; and Southgate, Ky. The portfolio is more than 96 percent leased, according to Griffin-American Healthcare REIT III.
“The acquisition of Independence Medical Office Building Portfolio will significantly expand Griffin-American Healthcare REIT III in core urban areas located near major academic and healthcare institutions,” says Danny Prosky, president and CEO of Griffin-American Healthcare REIT III.
Earlier this month, Griffin-American Healthcare REIT III entered agreements to acquire Premier Medical Office Building, a 45,000-square-foot medical office building in Novi, Mich. for approximately $12 million; The Merion Building, a 73,000-square-foot medical office building in King of Prussia, Penn. for approximately $19 million; and the Mount Olympia Medical Office Building Portfolio, comprised of three medical office buildings in Columbus, Ohio, Mount Dora, Fla., and Olympia Fields, Ill., for approximately $16 million.
Griffin-American has also completed a number of acquisitions since the beginning of September 2014, acquiring five healthcare-related buildings totaling more than 200,000 square feet for an aggregate purchase price of approximately $41 million.
The acquisitions include three medical office buildings located in Wichita, Kan.; Lee’s Summit, Mo.; and Fort Mill, S.C.
The acquisition also includes two senior housing facilities in Batesville and Cleveland, Miss. Each of the buildings was acquired from unaffiliated third parties using cash on hand.
As of Oct. 15, 2014, the Griffin-American Healthcare REIT III portfolio is comprised of 10 buildings acquired for an aggregate purchase price of approximately $53 million.
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, seniors housing and hospitals.
Griffin Capital is a privately owned real estate company headquartered in Los Angeles.
Griffin-American Healthcare REIT III Inc. intends to qualify as a REIT for federal income tax purposes. Griffin-American plans to build a balanced and diversified portfolio of healthcare real estate assets, focusing primarily on medical office buildings, seniors housing facilities, skilled nursing facilities and hospitals.
— Danielle Everson