Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust sponsored by Griffin Capital Company and American Healthcare Investors, has acquired Southfield Medical Office Building, located in the Detroit suburb of Southfield, Michigan, for $16.2 million.
The approximately 85,000-square-foot medical office building was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group, which leases 42 percent of the building, and affiliates of Beaumont Health System, which lease 15 percent of the building.
“Southfield Medical Office Building is located within a densely populated metropolis with significant healthcare demands and in close proximity to a number of the region’s busiest hospitals,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “Additionally, the building is occupied by one of the largest physician groups in the state, as well as one of its prominent hospital systems.”
Griffin-American Healthcare REIT IV purchased the property from Universal Properties FPMC LLC using cash on hand, borrowings under its revolving lines of credit, as well as through the assumption of an existing mortgage loan.
Griffin-American Healthcare REIT IV invests in medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT commenced its initial public offering in February 2016 had raised $463 million in investor equity as of the first quarter of 2018. The company’s portfolio is comprised of 45 medical office buildings and senior housing facilities purchased for approximately $536.1 million.
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