Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Company, has purchased an approximately 55,000-square-foot medical office building in the Seattle suburb of Edmonds, Washington for $23.5 million.
Built in 1991, Edmonds Medical Office Building underwent a renovation and expansion in 2007 that enlarged the building by nearly 14,000 square feet. The 217-bed Swedish Edmonds hospital campus is located approximately one-quarter mile from Edmonds Medical Office Building.
At the time of acquisition, the building was 100 percent leased to nine tenants, including Virginia Mason Health System, which leases approximately 60 percent of the building, and Swedish Health Services, a member of Providence St. Joseph Health, the largest not-for-profit healthcare provider in the Greater Seattle area, which leases approximately 12 percent of the building.
“Edmonds Medical Office Building is strategically located within a thriving medical corridor in Greater Seattle and is fully leased to multiple tenants, including some of the largest health systems in the region,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “Additionally, the building is in close proximity to one of the area’s busiest hospitals and enjoys a healthy average remaining lease term of approximately eight years.”
Edmonds Medical Office Building was acquired from Edmonds Professional Center, LLC, an unaffiliated third party, using cash on hand and borrowings under a revolving line of credit with Bank of America N.A. and Keybank National Association.
In other company news, The DI Wire reported this week that Griffin-American Healthcare REIT IV has agreed to purchase a 625,000-square-foot portfolio of 24 healthcare facilities located in Illinois and Missouri, for $78.5 million plus closing costs.
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 $526.4 million in investor equity as July 2, 2018. Griffin-American Healthcare REIT IV oversees a 2.9 million-square-foot portfolio of 48 properties purchased for approximately $610.6 million.