Griffin-American Healthcare REIT IV Buys Medical Office Building Near Cincinnati
Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust sponsored by Griffin Capital Corp and American Healthcare Investors, has acquired the Evendale Medical Office Building in the Cincinnati suburb of Evendale, Ohio for $10.4 million, according to a filing with the Securities and Exchange Commission.
Evendale Medical Office Building totals 66,000 square feet and is located within blocks of TriHealth Evendale Hospital, where approximately 13,000 surgical and 5,000 imaging procedures are performed annually. The four-story building is currently approximately 76.4 percent leased to multiple tenants, including The Procter & Gamble Company, Laboratory Corporation of America Holdings and LabOne of Ohio Inc., doing business as Quest Diagnostics.
“Evendale Medical Office Building is a modern healthcare facility located in an attractive market,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “Additionally, the building enjoys an impressive base of tenants, including several investment grade credit tenants, making it an attractive acquisition for Griffin-American Healthcare REIT IV.”
Evendale Medical Office Building provides a number of healthcare services including primary care, podiatry, gynecology, dental care, obstetrics, laboratory services, diagnostic services, general surgery and ambulatory surgical procedures.
The property was acquired from MPEQ Evendale MOB LLC, an unaffiliated third party represented by Chris Bodnar and Lee Asher of CBRE Inc. 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 November 25th, has raised approximately $90.3 million in investor equity. The company’s portfolio consists of 12 medical office buildings purchased for a total of approximately $139 million.
