Griffin-American Healthcare REIT IV Inks Deals to Buy Four Alabama MOBs
Griffin-American Healthcare REIT IV, a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Corporation, signed agreements to purchase a medical office building portfolio and an additional property for a total purchase price of nearly $47.7 million.
The Iron MOB Portfolio is comprised of three medical office buildings located in Cullman and Sylacauga, Alabama for a purchase price of $31 million. The two Cullman properties are located on the Cullman Medical Center Campus and total 90,800 and 74,500 square feet, respectively, while the Sylacauga property totals 42,800 square feet.
Also located in Cullman, Alabama, the Cullman MOB III is an approximately 52,000-square-foot medical office building with a purchase price of $16.7 million. The property is 100 percent leased to two tenants: Cullman Regional Medical Center and Cullman Primary Care. The properties are expected to close in the fourth quarter of 2016.
In other Griffin-American Healthcare REIT IV news, the company recently inked a deal to purchase Rochester Hills Medical Office Building in the Detroit suburb of Rochester Hills for $8.3 million.
Griffin-American Healthcare REIT IV focuses primarily on acquiring 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 has raised approximately $16.2 million in investor equity since inception. It currently owns one property, a 19,000-square-foot medical office building in the Sacramento suburb of Auburn, California.
