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Griffin-American Healthcare REIT IV Acquires Medical Office Building in Grand Junction, Colorado
GRAND JUNCTION, Colo. (July 9, 2018) – 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 a Class A medical office building in Grand Junction, the largest city in western Colorado, for $31.5 million.
Built in 2013, the approximately 83,000-square-foot Grand Junction Medical Office Building was 100 percent leased at the time of acquisition to multiple tenants, including Colorado West Healthcare System and its subsidiaries, which lease approximately 44 percent of the building, Urological Associates of Western Colorado, P.C. and Western Orthopedics and Sports Medicine, P.C. The building is directly connected to Colorado West Healthcare System’s Community Hospital, one of just two acute care hospitals that serve the local population, and is the only medical office building on the hospital campus.
“Grand Junction Medical Office Building is a premier medical office building in the Grand Valley region of western Colorado and is an important component of the medical delivery network for the 150,000 people living in and around Grand Junction,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “Additionally, by the year 2035, as part of the Grand Junction Comprehensive Plan, the city anticipates doubling its population through strategic commercial real estate developments and transportation improvements, which we believe may drive even greater long-term value for the building, our portfolio and our investors.”
Grand Junction Medical Office Building was acquired from Grand Junction Medical Center LLC, an unaffiliated third party represented by Chris Bodnar and Lee Asher of CBRE, Inc. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving 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, as of the date of acquisition of Grand Junction Medical Office Building, has since acquired a 2.9 million-square-foot portfolio of 47 medical office buildings, senior housing facilities and skilled nursing facilities located in 18 states for an aggregate contract purchase price of approximately $587.1 million. Additionally, the company is pursuing approximately $443.9 million in additional pending acquisitions1 which would result in a total portfolio of approximately 98 healthcare buildings located in 22 states comprised of approximately 4.7 million square feet of gross leasable area upon the successful completion of these potential acquisitions.
1 Comprised of prospective real estate acquisitions for which the company has executed letters of intent and/or purchase and sale agreements as of June 12, 2018. These prospective acquisitions are subject to substantial closing conditions and the satisfaction of other requirements as detailed in the agreements. Accordingly, the closing of some or all of these pending transactions may not occur.
Posted in Press Release on Jul 09, 2018