MOB Transactions Roundup: Cushman & Wakefield, Griffin-American Healthcare REIT IV

Griffin-American Healthcare REIT IV Enters Agreement to Acquire MOB in Ohio

Griffin Capital Corporation and American Healthcare Investors, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., recently announced that the real estate investment trust (REIT) has entered into an agreement to purchase the Evendale Medical Office Building in Evendale, Ohio. The purchase price was not disclosed.

The four-story, 66,000-square-foot Evendale Medical Office Building is located  near TriHealth Evendale Hospital, where about 13,000 surgical and 5,000 imaging procedures are performed every year. The property is currently 76% leased to several tenants, the largest of which include Journey Lite of Southern Ohio, LLC, Mercy Medical Associates, LLC and For Women, Inc.

The building is also leased to several national investment grade credit tenants, such as Laboratory Corporation of America Holdings, The Procter & Gamble Company and LabOne of Ohio, Inc., doing business as Quest Diagnostics.

The health care services provided at Evendale Medical Office Building include primary care, gynecology, dental care, podiatry, obstetrics, diagnostic services, laboratory services, general surgery and ambulatory surgical procedures.

“Evendale Medical Office Building offers Griffin-American Healthcare REIT IV with an opportunity to acquire a modern healthcare building in an attractive market with an impressive base of investment grade credit tenants,” Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV, said in a press release.

Griffin-American Healthcare REIT IV bought its first property in June 2016, and has acquired a portfolio of eight medical office buildings for an aggregate purchase price of about $91 million since then.

Cushman & Wakefield Facilitates Sale of MOB in Manhattan for $17 Million

Cushman & Wakefield recently facilitated the sale of a five-story, 15,000-square-foot medical office building on Manhattan’s Upper East Side.

An undisclosed buyer purchased the property from a group of doctors who practice in the building for $17 million, or $1,133 per square foot.

As part of the deal, the former owners signed a long-term leaseback for the building.

Guthrie Garvin, Mitchell Levine and James Nelson of Cushman & Wakefield brokered the transaction.

MOB in Kansas Sold to Doctor, Investors

The Medical Plaza of Park City building in Park City, Kansas, was slated to be purchased by Hossein Amirani and two partners on Oct. 31, according to the Wichita Business Journal.

The investors intend to open an after-hours clinic to enhance the building’s current health care services. A primary care clinic operated by Newton Medical Center will stay open, and Newton Medical Center plans to lease its space.

Amirani is an interventional cardiologist who works out of Newton Medical Center, the Wichita Business Journal reported.

Stan Johnson Completes Sale of MOB in Texas for $19.2 Million

Net lease brokerage firm Stan Johnson Co. recently completed the sale of the Midtown Medical Office Building, a multi-tenant, 57,404-square-foot medical office building in Fort Worth, Texas. The building was sold for $19.2 million to Ridgeline Capital Partners.

Jeff Matulis, Toby Scrivner, Grant Wilkins and Colin Cornell of Stan Johnson’s Healthcare Net Lease Group represented the seller.

Stan Johnson Co. represented the buyer in the transaction, as well.

The building is next to the Plaza Medical Center of Fort Worth, a 216-bed short-term acute care facility, and belongs to a mixed-use development with both restaurants and a hotel located on site.

Written by Mary Kate Nelson