Griffin-American Healthcare REIT IV Buys Medical Office Building Near Madison, Wisconsin
Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust, has purchased Sauk Prairie Medical Office Building, a Class A, on-campus medical office building located in the Wisconsin village of Prairie du Sac near Madison, for $19.5 million.
Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust, has purchased Sauk Prairie Medical Office Building, a Class A, on-campus medical office building located in the Wisconsin village of Prairie du Sac near Madison, for $19.5 million.
Built in 2014, the approximately 55,000-square-foot Sauk Prairie Medical Office Building is currently 100 percent leased to multiple specialized healthcare service providers with a weighted average remaining lease term of approximately 8.6 years
“Sauk Prairie Medical Office Building is strategically located on the campus of the local community hospital, serving as a critical component of the area’s healthcare delivery chain,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “There is a lack of on-campus medical office options in the market, which we believe provides added value to the building and to the portfolio of Griffin-American Healthcare REIT IV.”
Sauk Prairie Medical Office Building is located on the campus of the 36-bed Sauk Prairie Hospital, a not-for-profit, full-service acute-care hospital operated by Sauk Prairie Healthcare Inc.
The medical office building is anchored by Sauk Prairie Healthcare, which occupies 59 percent of the leasable space.
Sauk Prairie Medical Office Building was acquired from Sauk Prairie MOB LLC and was financed using cash on hand and borrowings under its revolving line of credit with Bank of America N.A. and KeyBank National Association.
In other company news, the REIT recently disclosed its first net asset value per share of $9.65 for its Class T and Class I shares of common stock, as of December 31, 2017.
Griffin-American Healthcare REIT IV, sponsored by American Healthcare Investors and Griffin Capital Company, invests in medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The company’s portfolio is comprised of 43 medical office buildings and senior housing facilities purchased for approximately $508 million. The REIT commenced its initial public offering in February 2016 had raised $410.2 million in investor equity as of the fourth quarter of 2017.
