Griffin-American Healthcare REIT IV to Purchase Detroit Medical Office Building 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, signed an agreement to purchase Rochester Hills Medical Office Building in the Detroit suburb of Rochester Hills for $8.3 million plus closing costs, according to a filing with the Securities and Exchange Commission.
The 30,000-square-foot Rochester Hills Medical Office Building is approximately 93 percent leased to seven tenants, the largest of which is William Beaumont Hospital, doing business as Beaumont Health System, one of the principal healthcare systems in the state of Michigan with eight hospitals and 168 health centers. William Beaumont Hospital occupies approximately 40 percent of the medical office building and recently signed a 10-year lease.
Rochester Hills Medical Office Building is located within close proximity to the 290-bed Crittenton Hospital Medical Center and the 520-bed Beaumont Hospital.
“Strategically located in close proximity to two major hospitals, in an affluent community and anchored by the state’s largest health system, Rochester Hills Medical Office Building is an ideal 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. “Excellent location and exceptional tenants are the keys to successful real estate investment, and we couldn’t be more pleased to move forward with the acquisition of Rochester Hills Medical Office Building.”
In other Healthcare REIT IV news, the company announced this week that its class I shares of common stock are now available for purchase.
Griffin-American Healthcare REIT IV signed an agreement last month to purchase its first property, a 19,000-square-foot medical office building in the Sacramento suburb of Auburn, California. The REIT commenced its initial public offering in February 2016 and has raised approximately $9.9 million in investor equity since inception.
