Griffin-American Healthcare REIT IV to Buy Pennsylvania MOB for $8.3 Million
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, entered into an agreement to purchase Pottsville Medical Office Building in Pottsville, Pennsylvania. The purchase price is $8.3 million, according to a filing with the Securities and Exchange Commission.
Built in 2004, the 36,000-square-foot Pottsville Medical Office Building is located approximately 50 miles from the state capital of Harrisburg. The property is 100 percent leased to multiple physician practice groups, including Integrated Medical Group PC, which occupies approximately 64 percent of the building and has been a tenant since its construction was completed.
“Properties like Pottsville Medical Office Building, which is located near well-performing hospitals and enjoys strong occupancy from quality tenants, are primary acquisition targets 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. “We are pleased with the quality acquisition opportunities we are identifying, with Pottsville Medical Office Building being a prime example.”
Pottsville Medical Office Building is located within two miles of Schuylkill Medical Center-South Jackson Street and Schuylkill Medical Center-East Norwegian Street, both members of the Schuylkill Health System.
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.
