Griffin-American Healthcare REIT IV Buys MOB in North Carolina

Griffin Capital Corporation and American Healthcare Investors, the co-sponsors of California-based Griffin-American Healthcare REIT IV, Inc., recently announced that the real estate investment trust (REIT) has purchased a three-story, 58,000-square-foot medical office building in Mint Hill, North Carolina. The purchase price was undisclosed.

The Mint Hill Medical Office Building was purchased from an affiliate of Harrison Street Real Estate Capital, LLC called HSRE-Mint Hill, LLC. Joe Dominguez of Healthcare Real Estate Capital, LLC represented the seller, an unaffiliated third party. Griffin-American Healthcare REIT IV financed the acquisition utilizing cash on hand and borrowings under its line of credit with KeyBank, National Association and Bank of America, N.A.

The Mint Hill Medical Office Building is currently 100% triple-net leased to two tenants, The Charlotte-Mecklenburg Hospital Authority and Carolinas Physicians Network, Inc. Both tenants are affiliates of Carolinas HealthCare System, one of the leading health care organizations in the Southeast.

Several health care services are provided at the Mint Hill Medical Office Building, including cardiology, biorepository, allergy, dermatology, gastroenterology, endocrinology, pulmonary and critical care, sleep medicine, sports medicine, urgent care, and telemedicine.

Griffin-American Healthcare REIT IV acquired its first property in June 2016. Since then, it has acquired a portfolio of nine medical office buildings for an aggregate contract purchase price of about $112 million.

Written by Mary Kate Nelson