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Griffin-American Healthcare REIT IV Acquires Medical Office Building in Oregon
PORTLAND, Ore. (July 11, 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 Roseburg Medical Office Building in Roseburg, Oregon.
Built in 2002, the approximately 62,000-square-foot Roseburg Medical Office Building is currently 100 percent triple net leased to Mercy Medical Center, Inc. and Centennial Medical Group with an average remaining lease term in excess of nine years and annual rent escalators between 2 percent and 3 percent. The medical office building is physically connected to the 174-bed Mercy Medical Center and provides a broad range of medical and surgical services, including, but not limited to: physical therapy, imaging, neurosurgery, podiatry and orthopedics. Mercy Medical Center is the largest hospital in Douglas County, Oregon and a member of Catholic Health Initiatives, one of the nation’s largest health systems.
“Roseburg Medical Office Building enjoys an enviable location on the campus of, and with a physical connection to, the region’s dominant hospital,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “This acquisition also further expands the geographical diversity of the Griffin-American Healthcare REIT IV portfolio, as well as establishes a new affiliation with one of the nation’s premier health systems.”
Roseburg Medical Office Building was acquired from Roseburg Surgery Center, LLC, an unaffiliated third party represented by Lee Asher and Chris Bodnar 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 has since acquired a portfolio of 28 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $341 million.
Posted in Press Release on Jul 10, 2017