Riverview Medical Arts Building Noblesville Ind

Riverview Medical Arts Building, Noblesville, Ind.

Griffin, American Acquire Five MOBs for $46M

NOVI, MI—American Healthcare Investors and Griffin Capital Corp., sponsors of Griffin-American Healthcare REIT II Inc., has acquired five medical office buildings in four states, including two buildings in Michigan, for $46 million.

The properties include the Eastern Michigan Medical Office Building Portfolio, located here and in West Bloomfield, Mich. Also included in the sale was the St. Anthony North Medical Office Building II in Westminster, Colo.; Ultima at Eagles Landing Medical Office Building in Stockbridge, Ga.; and Riverview Medical Arts Building in Noblesville, Ind.

St. Anthony North Medical Office Building II was acquired directly from Centum Health Properties and the Colorado Group, unaffiliated third parties. Ultima at Eagles Landing Medical Office Building was acquired from an unaffiliated third party represented by Paul Zeman with Bull Realty. Riverview Medical Arts Building was acquired directly from an entity affiliated with Cornerstone Companies Inc., an unaffiliated third party. The Michigan properties were acquired from entities affiliated with RSM Development and Management, an unaffiliated third party represented by Spencer Coan of Ackerman & Co.

The Michigan portfolio is comprised of two medical office buildings, Keystone Medical Center and West Oaks Medical Office Building, totaling approximately 94,000 sq. ft. Keystone is a three-story multitenant building located one mile from St. John Providence Park Hospital. West Oaks is a two-story multitenant medical office building.

St. Anthony is a three-story, multitenant medical office building comprised of approximately 28,000 sq. ft. The building is currently 89 percent leased to seven tenants, the largest of which is Centura Health. Ultima is a two-story, 45,000-sq.-ft. medical office building adjacent to the campus of the 215-bed Piedmont Henry Hospital. Built in 2004, Ultima is currently 100 percent leased to four tenants. Riverview Medical is a 44,000-sq. ft. medical office building. The two-story building is 100 percent leased to seven tenants, the largest of which is 154-bed Riverview Hospital, which leases nearly 59 percent of the building through December 2017.

"A key component of our acquisition strategy for Griffin-American Healthcare REIT II is to purchase quality medical office buildings that are located on or near thriving hospital campuses and that enjoy strong affiliations with the nation's best performing healthcare delivery systems," said Danny Prosky, a principal of American Healthcare Investors. "Each of these acquisitions meet these high standards and further strengthen our balanced portfolio of clinical healthcare real estate assets."

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