Griffin-American Healthcare REIT III Completes $180 Million Plus in Acquisitions for 3Q15
Griffin-American Healthcare REIT III Inc., a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Corporation, completed the acquisition of nine healthcare buildings in five states, the United Kingdom and Isle of Man, as well as a collateralized debt instrument, for an aggregate purchase price of approximately $180 million during the third quarter of 2015. The acquisitions were comprised of six medical office buildings and three senior housing facilities.
“We continue to acquire accretive assets for the quickly growing portfolio of Griffin-American Healthcare REIT III,” said Danny Prosky, president, chief operating officer, interim chief financial officer and one of the largest stockholders of the REIT. “With these latest acquisitions, our portfolio is valued in excess of $1.1 billion, based on purchase price, and we have more than $1.0 billion in additional pending acquisitions that we expect to close in the coming months.”
Griffin-American Healthcare REIT III’s third quarter 2015 acquisitions include Southern Illinois Medical Office Building Portfolio in Waterloo, Illinois; Napa Medical Center in Napa, California; Tanglewood Trace Senior Living Community in Mishawaka, Indiana; Chesterfield Corporate Plaza in Chesterfield, Missouri; Richmond VA Assisted Living Facility in North Chesterfield, Virginia; and Crown Senior Care Portfolio in the United Kingdom.
Griffin-American Healthcare REIT III completed each of the third quarter acquisitions using cash-on-hand, as well as the assumption of existing loans totaling approximately $10 million and $38 million associated with the acquisition of Tanglewood Trace Senior Living Community and Richmond VA Assisted Living Facility, respectively. Including these acquisitions, the Griffin- American Healthcare REIT III portfolio is comprised of 69 medical office buildings, hospitals and senior housing facilities, as well as two collateralized debt instruments. The portfolio was valued in excess of $1.1 billion, based on aggregate purchase price, as of Sept. 30, 2015.
