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Griffin-American Healthcare REIT IV Acquires Two-Building Medical Office Building Portfolio in Athens, Georgia
ATLANTA, Ga. (May 24, 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 the two-building Athens Medical Office Building Portfolio in Athens, Georgia, approximately 70 miles east of Atlanta.
Built in 2007, the approximately 61,000-square-foot Athens Medical Office Building Portfolio is currently 98.5 percent leased to three tenants, with approximately 87 percent of the rentable square footage leased to St. Mary’s Health Care System, Inc., a member of Trinity Health, Inc. Trinity Health is among the largest multi-institutional Catholic health care delivery systems in the nation, with approximately 97,000 full-time employees, 93 hospitals and 120 continuing care locations throughout 22 states. Athens Medical Office Building Portfolio is located within seven miles of both St. Mary’s Hospital and Piedmont Athens Regional Medical Center.
“Athens Medical Office Building Portfolio enjoys an excellent location in the midst of a thriving community near two large hospitals,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “Particularly attractive from our point of view is the significant relationship the portfolio has with St. Mary’s Health Care System, which occupies the vast majority of these medical office buildings. We believe this relationship will continue to provide long-term stability and added value to the property.”
Athens Medical Office Building Portfolio was acquired from Exchange Building 300, LLC and 316, LLC, both unaffiliated third parties represented by Paul Zeman of Bull Realty, 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 16 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $229 million.
Posted in Press Release on May 23, 2017