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Griffin-American Healthcare REIT IV Acquires Medical Office Building in Battle Creek, MI
BATTLE CREEK, MI (March 13, 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 Battle Creek Medical Office Building, an approximately 46,000-square-foot property located on 7.34 acres of land in Battle Creek, Michigan.
This multi-tenant medical office building is currently approximately 97 percent leased and anchored by Ambulatory Surgery Associates, LLC (doing business as Brookside Surgery Center), which recently signed a new lease and occupies approximately 14,000 square feet, or 31 percent of gross leasable area, through 2027. Brookside Surgery Center has invested approximately $1.2 million in tenant improvements at the property and has made other significant non-real estate-related investments to their business. The remaining leaseholders include a variety of complementary medical tenants, most of whom are on lengthy triple-net leases.
Battle Creek Medical Office Building is strategically located in the midst of a medical office park adjacent to the newly completed 65,000-square-foot Borgess Health Park. Located on the edge of a burgeoning commercial and residential area, it houses a range of medical practices, sharing common spaces to offer a variety of different health services for an expanding community. Medical services and uses include: outpatient surgical procedures in general surgery, gynecology, hand surgery, ophthalmology, otolaryngology, orthopedics, pain management, plastic surgery, podiatry and urology.
“This is an attractive acquisition that expands the Griffin-American Healthcare REIT IV portfolio and extends our reach in the state of Michigan,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “The property holds a Certificate of Need for Brookside Surgery Center and is in close proximity to Bronson Hospital – Battle Creek and Borgess Health Park, which both may help to ensure the long term stability of the investment.”
Griffin-American Healthcare REIT IV financed the acquisition using cash on hand.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of 13 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $146 million.
Posted in Press Release on Mar 12, 2017