Griffin-American IV Buys Pennsylvania Medical Building
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, purchased Pottsville Medical Office Building in Pottsville, Pennsylvania for $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 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 completion of construction. The property 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.
“Pottsville Medical Office Building is located near well-performing hospitals and enjoys strong occupancy from quality tenants,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV. “We find significant value in qualities such as these and are pleased to acquire a property of this caliber.”
Pottsville Medical Office Building was acquired from Norwegian Real Estate Limited Partnership, an unaffiliated third party represented by Allen Inman of Brown Gibbons Lang & Company. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand.
Additionally, and separate from the acquisition of Pottsville Medical Office Building, the REIT has executed purchase and sale agreements to acquire six additional healthcare buildings for a total purchase price of approximately $76 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 has raised approximately $37 million in investor equity since inception, according to a filing with the SEC.
