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, signed an agreement to purchase the Charlottesville Medical Office Building in Virginia. According to a filing with the Securities and Exchange Commission, PJP Building Five is selling the property for $20.1 million, plus closing costs.
Built in 2001, the class A Charlottesville Medical Office Building totals approximately 74,000 square feet and is located 70 miles from the state capital of Richmond. The three-story property is 95 percent leased to Sentara Martha Jefferson Hospital, University of Virginia Physicians Group, and the Department of Veterans Affairs.
The 176-bed Sentara Martha Jefferson Hospital, a member hospital of Sentara Healthcare, is located adjacent to the Charlottesville property and leases approximately 64 percent of the building, where it provides a variety of medical services, including internal medicine, orthopedics, and health & wellness cardiopulmonary rehabilitation.
The REIT anticipates the acquisition will close in the third quarter of 2016.
In other Griffin-American Healthcare REIT IV news, the company recently signed an agreement to purchase the Pottsville Medical Office Building in Pennsylvania for $8.3 million, as reported by The DI Wire on Monday.
Griffin-American Healthcare REIT IV, which completed its first acquisition last month, focuses on investing in healthcare real estate assets, primarily medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT went effective in February 2016 and has raised approximately $20.5 million in investor equity since inception.