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Griffin-American Healthcare REIT IV Acquires Class A Medical Office Building in Reno, Nevada
RENO, NV (March 17, 2017) – American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today that the REIT has acquired Reno Medical Office Building (commonly known as Saint Mary’s Center for Health), an approximately 191,000-square-foot Class A medical office building on the campus of the 380-bed St. Mary’s Regional Medical Center in Reno, Nevada.
The six-story Reno Medical Office Building is currently 100 percent leased to seven tenants, with approximately 80 percent of the building leased to Prime Healthcare Services – Reno, LLC, the operator of St. Mary’s Regional Medical Center. Reno Medical Office Building is the primary outpatient location for the hospital, providing a variety of healthcare services, including: wellness, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine.
“Reno Medical Office Building is a trophy property and a fantastic acquisition for Griffin-American Healthcare REIT IV,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “It is modern, attractive and enjoys a tremendous location on the campus of one of the premier hospitals in Northern Nevada. Perhaps most importantly, the vast majority of the building is leased to the operator of the hospital, which we believe may provide greater long-term stability and added value to the property.”
Reno Medical Office Building, a project developed by Ensemble Real Estate Solutions & Investments, was acquired from an unaffiliated third party represented by Chris Bodnar and Lee Asher of CBRE Group, Inc. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its line of credit with Bank of America, N.A. and KeyBank, National Association.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of 14 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $212 million.
Posted in Press Release on Mar 17, 2017