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Griffin-American Healthcare REIT III Completes Acquisitions Totaling More Than $300 Million During the Second Quarter 2015
IRVINE, Calif. (July 15, 2015) - American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced today that the REIT completed the acquisition of 18 healthcare properties in eight states for an aggregate purchase price of $311.3 million during the second quarter of 2015. The acquisitions were comprised of six medical office buildings and 12 senior housing facilities.
“Griffin-American Healthcare REIT III continues to source and acquire accretive assets for its rapidly growing portfolio,” said Danny Prosky, president, chief operating officer and one of the largest stockholders of the REIT. “We have invested more than $900 million over the past three quarters, building a diverse portfolio of real estate and real estate-related assets valued in excess of $940 million, based on aggregate purchase price, with a pipeline of pending acquisitions we expect to close in the coming months.”
Griffin-American Healthcare REIT III’s Second Quarter 2015 acquisitions include:
Paoli Medical Plaza – Paoli, Pennsylvania
Paoli Medical Plaza is a portfolio of three medical office buildings adjacent to Paoli Hospital, a 231-bed acute care hospital located approximately 25 miles west of Philadelphia. The approximately 99,000-square-foot portfolio was 90 percent occupied by multiple tenants at the time of acquisition, including Main Line Health (the operator of Paoli Hospital), Aligned Medical Group and Premier Orthopaedic & Sports Medicine. The weighted average remaining lease term for Paoli Medical Plaza is approximately six years.
Paoli Medical Plaza was acquired from Paoli Office Park Partners LP, an unaffiliated third party.
Glen Burnie Medical Office Building – Glen Burnie, Maryland
Glen Burnie Medical Office Building is a six-story, approximately 76,000-square-foot medical office building located on the campus of Baltimore Washington Medical Center, a 310-bed acute care hospital campus affiliated with the University of Maryland Medical System. The building was 92 percent leased at the time of acquisition to multiple tenants, including Chase Brexton Health Care, Chesapeake Orthopedic & Sports Medicine Center and Baltimore Washington Eye Center. The weighted average remaining lease term for Glen Burnie Medical Office Building is approximately seven years.
Glen Burnie Medical Office Building was acquired from Arundel Venture LLP, an unaffiliated third party represented by Garry Applestein of Colliers International.
Marietta Medical Office Building – Marietta, Georgia
Marietta Medical Office Building is a two-story, multi-tenant medical office building located adjacent to the campus of the 633-bed Wellstar Kennestone Hospital, a member of WellStar Health System. The approximately 41,000-square-foot building was 100 percent leased at the time of acquisition to Pinnacle Orthopaedics & Sports Medicine Specialists and WellStar Urology through May 2027 and November 2019, respectively, resulting in a weighted average remaining lease term of approximately 10.4 years.
Marietta Medical Office Building was acquired from Tower Partners LLC, an unaffiliated third party represented by Lee Asher and Chris Bodnar of CBRE.
Posted in Press Release on Jul 15, 2015