Griffin-American Healthcare REIT IV Buys Medical Properties in Michigan and Alabama
Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Corporation, purchased Rochester Hills Medical Office Building in the Detroit suburb of Rochester Hills, Michigan, and Cullman Medical Office Building III in Cullman, Alabama, for a total purchase price of approximately $25 million.
Rochester Hills Medical Office Building is approximately 93 percent leased to seven tenants, the largest of which is William Beaumont Hospital that occupies approximately 40 percent of the property through August 2024. The approximately 30,000-square-foot medical office building is located within two miles of the 290-bed Crittenton Hospital Medical Center and eight miles from the 520-bed Beaumont Hospital in Troy, Michigan.
Built in 2010, the approximately 52,000-square-foot Cullman Medical Office Building III is located on the campus of Cullman Regional Medical Center, a 145-bed acute care hospital and the only medical center within 20 miles. The building is 100 percent leased to Cullman Primary Care, P.C., a physician’s group, and Cullman Regional Medical Center, Inc., both of which have occupied the building since its construction.
“The keys to successful real estate investments are excellent locations and exceptional tenants, which both of these properties enjoy,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV. “Both of these medical office buildings are strategically located either on or near the campuses of major regional hospitals and are leased to quality tenants, making these attractive acquisitions for Griffin-American Healthcare REIT IV.”
In other REIT news, The DI Wire reported last week that the company purchased a medical office building in Charlottesville, Virginia for $20.1 million.
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 August 26, 2016, has raised approximately $37 million in investor equity since inception.
