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Griffin-American Healthcare REIT IV to Buy Evendale Medical Office Building Near Cincinnati

Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust sponsored by Griffin Capital Corp and American Healthcare Investors, entered into an agreement to purchase Evendale Medical Office Building in the Cincinnati suburb of Evendale, Ohio for $10.4 million, according to a filing with the Securities and Exchange Commission.

Evendale Medical Office Building is a four-story medical office building totaling approximately 66,000 square feet. The property is located within blocks of TriHealth Evendale Hospital, where approximately 13,000 surgical and 5,000 imaging procedures are performed annually.

Evendale is currently 76 percent leased to multiple tenants, the largest of which are Journey Lite of Southern Ohio, LLC, Mercy Medical Associates, LLC and For Women, Inc. The building is also leased to multiple national investment grade credit tenants including The Procter & Gamble Company (Moody’s Aa3), Laboratory Corporation of America Holdings (Moody’s Baa2) and LabOne of Ohio, Inc., doing business as Quest Diagnostics (Moody’s Baa2).

“Evendale Medical Office Building offers Griffin-American Healthcare REIT IV with an opportunity to acquire a modern healthcare building in an attractive market with an impressive base of investment grade credit tenants,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV.

As reported by The DI Wire, the REIT purchased the three-building Iron Medical Office Building Portfolio last month for $31 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 October 7, 2016, has raised approximately $58.6 million in investor equity. The company’s portfolio consists of eight medical office buildings purchased for a total of approximately $91 million.

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