Griffin-American Healthcare REIT IV Buys Medical Office Building Near Charlotte
Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust sponsored by Griffin Capital Corp and American Healthcare Investors, purchased Mint Hill Medical Office Building, an approximately 58,000-square-foot medical office building in the Charlotte suburb of Mint Hill, North Carolina. The purchase price is $21 million, according to a filing with the Securities and Exchange Commission.
The three-story Mint Hill Medical Office Building is 100 percent triple net leased to two tenants, Carolinas Physicians Network, Inc. and The Charlotte-Mecklenburg Hospital Authority, both of which are affiliates of Carolinas HealthCare System, for which the building was built-to-suit in 2007.
“Mint Hill Medical Office Building is 100 percent leased to affiliates of an investment grade credit tenant and one of the finest healthcare providers in the region,” said Danny Prosky, a founding principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV. “It is an excellent addition to the rapidly growing portfolio of Griffin-American Healthcare REIT IV.”
Mint Hill Medical Office Building was acquired from HSRE-Mint Hill LLC, an affiliate of Harrison Street Real Estate Capital, LLC. The seller, an unaffiliated third party, was represented by Joe Dominguez of Healthcare Real Estate Capital, LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its line of credit with Bank of America, N.A. and KeyBank, National Association.
Griffin-American Healthcare REIT IV invests in healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT commenced its initial public offering in February 2016, and as of October 7, 2016, has raised approximately $58.6 million in investor equity. The company’s portfolio is comprised of nine medical office buildings with a total purchase price of approximately $112 million.
