Griffin-American Healthcare REIT III announced yesterday that it has entered into an agreement to acquire a medical office building in Wichita, Kansas for a purchase price of $8,800,000, plus closing costs. The non-traded REIT is co-sponsored by American Healthcare Investors and Griffin Capital Corporation.
The 39,000 square-foot building is located at 7111 East 21st street and is 100% triple net leased to multiple tenants. Leading physician practice group, Primary Care Associates, occupies approximately 69% of the building and has guaranteed its lease through June 2027.
“Wichita Medical Office Building is home to one of the area’s leading primary care practices in the midst of one of the city’s most affluent neighborhoods,” said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III. “The building provides convenient patient access to routine and critical primary care services, and enjoys long-term occupancy backed by personal lease guarantees by the resident physicians.”
Launched in January 2013, Griffin-American Healthcare REIT III seeks to build a diversified portfolio of healthcare real estate assets, with a focus on medical office buildings, senior housing facilities, skilled nursing facilities, and hospitals. The REIT’s maximum offering size is $1.9 billion.