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 Charlottesville Medical Office Building in Charlottesville, Virginia for $20.1 million plus closing costs, according to a filing with the Securities and Exchange Commission.
Built in 2001, the class A three-story Charlottesville Medical Office Building totals 74,000 square feet and is located approximately 70 miles from the state capital of Richmond. The property is 100 percent leased to Martha Jefferson Hospital, University of Virginia Physicians Group and the United States of America, acting through the Department of Veterans Affairs. The 176-bed Martha Jefferson Hospital is located adjacent to the property and leases approximately 69 percent of the building.
“Charlottesville Medical Office Building is an attractive acquisition for Griffin-American Healthcare REIT IV,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV. “The property is located adjacent to a well-performing hospital and is home to a group of exceptional tenants — qualities that we prize when evaluating potential acquisitions.”
Charlottesville Medical Office Building was acquired from PJP Building Five, L.C., an unaffiliated third party represented by Scott Adams and Lee Asher of CBRE. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand.
The REIT has also executed purchase and sale agreements to acquire five additional healthcare buildings for a total purchase price of approximately $56 million.
Last week, The DI Wire reported that Griffin-American Healthcare REIT IV Inc. purchased Pottsville Medical Office Building in Pottsville, Pennsylvania for $8.3 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.