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Griffin-American Buys Senior Care Portfolio and Medical Office Buildings for $103M

Griffin-American Healthcare REIT II Inc. acquired the Pacific Northwest senior care portfolio, a 13-building property portfolio, from Regency Pacific-affiliated entities, plus seven medical office buildings in Illinois, Texas, Tennessee and Georgia from various sellers, for approximately $103 million.

The Pacific Northwest portfolio includes eight skilled nursing facilities and five assisted living facilities located in Washington and Oregon and totaling approximately 369,000 sq. ft. of space. The portfolio is master leased by Regency Pacific Management through 2025. The REIT financed the acquisition with $45 million in borrowings under its unsecured line of credit with Bank of America N.A., plus cash.

Don Ambrose and Chris Urban, of Ambrose Capital Group Inc., represented Regency Pacific in the transaction.

The seven medical office buildings total approximately 199,000 sq. ft. They are located in Naperville and Urban, Ill.; Temple, Killeen and Rowlett, Texas; Shelbyville, Tenn. and Jasper, Ga. Most of the buildings are 100 percent leased. That acquisition was financed through the assumption of approximately $14 million in existing debt, $21.5 million in borrowings under the Bank of America unsecured line of credit and cash.

American Healthcare Investors and Griffin Capital Corp. co-sponsor Griffin-American Healthcare REIT II, which currently owns 110 buildings valued at approximately $925 million.

“We seek to acquire properties that provide multiple levels of diversification to Griffin-American Healthcare REIT II,” said Danny Prosky, principal of American Healthcare Investors and president and CEO of Griffin-American, in a statement. “These latest acquisitions are a good example of this—they add geographic, asset and payor mix diversification to an already substantial nationwide portfolio of healthcare-related properties.”

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