Griffin-American Healthcare REIT III, a non-traded REIT co-sponsored by American Healthcare Investors and Griffin Capital Corporation, recently announced that it has acquired Acworth Medical Complex in Acworth, Georgia, a suburb of Atlanta.
The 39,000 square foot, multi-tenant medical office building is located at 4769, 4791 and 4797 South Main Street. The property is 82.7% leased to four tenants, the two largest being Emory Specialty Associates, LLC, a wholly owned subsidiary of Emory Healthcare, and Eldercare Pharmacy. The Acworth property provides a number of services including pharmacy consulting, cancer care, transplants, internal medicine, neurosurgery, orthopedics, sports medicine, and oral surgery, to name a few.
“Acworth Medical Complex is affiliated with two of Atlanta’s most prestigious hospital systems in Emory and Northside,” commented Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III. “Additionally, it is both an attractive and modern medical office building, having undergone a comprehensive renovation in 2009,” he added.
The REIT purchased the facility for a purchase price of $6,525,000 plus closing costs, using proceeds from its initial public offering. The company also paid its advisor, Griffin-American Healthcare REIT III Advisor, LLC, and its affiliates an acquisition fee of approximately $147,000, or 2.25% of the contract purchase price of the Acworth property.
Griffin-American Healthcare REIT III seeks to build a balanced and diversified portfolio of healthcare real estate assets, with a focus on medical office buildings, senior housing facilities, skilled nursing facilities, and hospitals.