Griffin-American Healthcare REIT III has recently entered into an agreement to purchase Carolina Commons Medical Office Building for $12 million. The non-traded REIT, co-sponsored by Griffin Capital Corporation and American Healthcare Investors financed the purchase through the assumption of a loan and the remainder from funds raised in its IPO.
Located in Fort Mill, South Carolina, the 58,000 square foot building was constructed in 2009 and is 84% leased to a number of tenants. The anchor tenant, Novant Health is a not-for-profit integrated healthcare system with 15 medical centers and over 340 physicians clinics, outpatient surgery, imaging and diagnostic centers, rehabilitation programs and community health outreach programs.
“Carolina Commons Medical Office Building is another newly built, modern facility with desirable tenancy in a growing and affluent metro region that will join the portfolio of Griffin-American Healthcare REIT III,” said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III.