MOB Transactions Roundup: Inland Real Estate, Griffin American Healthcare REIT IV
Griffin-American Healthcare REIT IV Buys Medical Office Buildings in Michigan and Nevada
Griffin Capital Company, LLC and American Healthcare Investors, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., recently announced that the REIT has acquired Battle Creek Medical Office Building, a multi-tenant, 46,000-square-foot property in Battle Creek, Michigan. The purchase price was not disclosed.
Griffin-American Healthcare REIT IV financed the deal with cash on hand.
This multi-tenant building is currently approximately 97% leased and anchored by Ambulatory Surgery Associates, LLC, dba Brookside Surgery Center. The anchor tenant recently signed a new lease, and will occupy about 14,000 square feet of the building through 2027.
Griffin-American Healthcare REIT IV, Inc. also recently purchased a six-story, 191,000-square-foot, Class A medical office building on the campus of the 380-bed St. Mary’s Regional Medical Center in Reno, Nevada. The seller was an unaffiliated third party represented by CBRE Group’s Chris Bodnar and Lee Asher.
The purchase price was undisclosed. Griffin-American Healthcare REIT IV financed the purchase utilizing cash on hand and borrowings under its line of credit with KeyBank, National Association and Bank of America, N.A.
The medical office building is currently 100% leased to seven tenants, with about 80% of the building leased to Prime Healthcare Services – Reno, LLC. The medical office building offers a variety of health care services, including internal medicine, physical therapy, obstetrics and gynecology, wellness, oncology, women’s health, neurology, bariatrics and radiology.
16,270-Square-Foot Medical Office Sold in Voorhees, New Jersey
New Jersey-based real estate brokerage and advisory firm Wolf Commercial Real Estate (WCRE) recently represented Evesham Building Associates LLC in the exclusive leasing and marketing of a 16,270-square-foot, multi-tenant medical office building in Voorhees, New Jersey. The building was leased to a private physician practice in New Jersey called Regional Women’s Health Group, LLC, Commercial Real Estate Executive reported.
The landlord in the transaction was exclusively represented by WCRE Managing Principal Jason Wolf.
Medical Office Building in New York Sells for $10 Million
Valley East Building Management recently purchased a three-story, 40,000-square-foot medical office building in Hicksville, New York, for approximately $10 million, the Long Island Business News reported.
Currently, the building is 84% occupied by almost 20 medical practices.
The Rochlin Organization’s Adam Rochlin represented Valley East in the transaction. JLL’s Joseph Lopresti represented the seller, Universal Management.
Medical Office Building in Omaha, Nebraska, Sells for $4 Million
Omaha Land Holdings LLC recently sold a 26,986-square-foot medical office building in Omaha, Nebraska, to Heiskell Properties for $4.475 million, REJournals.com reported.
Seth Campbell and Dennis Hoth of CBRE represented the seller, while Ember Grummons of Investors Realty represented the buyer.
Stockdale Capital Partners Buys Gresham Station Medical Plaza for $23.5 Million
Stockdale Capital Partners recently acquired a 100,419-square-foot medical office complex in Gresham, Oregon, from Westlake Realty Group for $23.5 million.
Gresham Station Medical Plaza is currently 77% leased and anchored by Adventist Health. The complex offers primary care, orthopedics, surgery, imaging, dialysis, laboratory, physical therapy, dentistry, dermatology, women’s health and pediatrics services.
Other tenants in the complex include Providence Health & Services and DaVita HealthCare Partners.
HFF’s Evan Kovac, Andrew Milne, Nick Kucha and Trent Jemmett represented both the seller and the buyer. HFF secured an acquisition loan for Stockdale, as well.
Inland Real Estate Acquisitions Acquires Four Medical Office Buildings
Inland Real Estate Acquisitions, Inc. recently facilitated the acquisitions of four medical office buildings, located in Texas, North Carolina and Utah, for a combined total of almost 119,000 square feet of commercial real estate.
The buildings include UNC REX Cancer Center, a 13,131-square-foot cancer treatment center in Raleigh, North Carolina; the Texas Orthopaedic & Sports Medicine Facility, a 36,804-square-foot medical office building in Tomball, Texas; the Memorial Hermann Acute Care Center, a 44,000-square-foot acute care facility in Houston, Texas; and the Jordan Valley Cancer Center, a 25,056-square-foot community cancer center for outpatient and inpatient care in West Jordan, Utah.
Inland Real Estate Acquisitions Senior Vice President Matthew Tice facilitated the transactions on behalf of an Inland affiliate.
Real Estate Development Firms in Tennessee Partner to Purchase Two Medical Office Buildings
Chattanooga, Tennessee-based real estate development firms Pointe Property Group and Noon Development recently partnered on the acquisition and management of The Atrium, two medical office buildings totaling more than 105,000 square feet in East Brainerd, Tennessee, TheChattanoogan.com reported.
Noon and Pointe plan to remodel the two buildings, according to the article. Their plans include a parking lot overhaul, a complete exterior facelift, a renovation of the interior lobby, and a landscaping and signage update.
Written by Mary Kate Nelson
Companies:American Healthcare Investors, Bank of America, CBRE, Evesham Building Associates LLC, Griffin Capital Company, Griffin-American Healthcare REIT IV, HFF, Inland Real Estate Acquisitions Inc., JLL, Keybank, Noon Development, Pointe Property Group, Stockdale Capital Partners, The Rochlin Organization, Universal Management, Valley East Building Management, Westlake Realty Group, Wolf Commercial Real Estate