Home Alts News Griffin-American Healthcare REIT III Completes $300 Million Plus in Acquisitions for 2Q15

Griffin-American Healthcare REIT III Completes $300 Million Plus in Acquisitions for 2Q15


Griffin-American Healthcare REIT III Inc., a publicly registered non-traded real estate investment trust sponsored by American Healthcare Investors and Griffin Capital Corporation, completed the acquisition of 18 healthcare properties in eight states for an aggregate purchase price of $311.3 million during the second quarter of 2015. The acquisitions were comprised of six medical office buildings and 12 senior housing facilities.

“Griffin-American Healthcare REIT III continues to source and acquire accretive assets for its rapidly growing portfolio,” said Danny Prosky, president, chief operating officer and one of the largest stockholders of the REIT. “We have invested more than $900 million over the past three quarters, building a diverse portfolio valued in excess of $940 million.”

Griffin-American Healthcare REIT III’s second quarter 2015 acquisitions include Paoli Medical Plaza in Paoli, Pennsylvania; Glen Burnie Medical Office Building in Glen Burnie, Maryland; Marietta Medical Office Building in Marietta, Georgia; Mountain Crest Senior Living Portfolio in Indiana and Michigan; Mount Dora Medical Center in Mount Dora, Florida; Nebraska Senior Housing Portfolio; North Carolina Assisted Living Portfolio (Second Tranche); and Pennsylvania Senior Housing Portfolio.

Griffin-American Healthcare REIT III completed the acquisitions using cash-on-hand, as well as the assumption of existing loans totaling approximately $26.1 million associated with Paoli Medical Plaza and Pennsylvania Senior Housing Portfolio. Including these acquisitions, the Griffin-American Healthcare REIT III portfolio is comprised of 60 medical office buildings, hospitals and senior housing facilities, as well as one collateralized debt instrument. The portfolio was valued in excess of $942.7 million, based on aggregate purchase price, as of June 30, 2015.