Global Medical REIT Continues Post-IPO Expansion
- Oct 17, 2016
By Alex Girda
Baltimore—Global Medical REIT Inc. recently completed a slew of acquisitions for properties located in Ohio, South Dakota and New Jersey. The real estate investment trust estimates it will have invested roughly $31 million in the 11 properties by the end of the year. Adding Global Medical’s July acquisition of the Berks Eye clinic in Pennsylvania, it brings the trust’s post-initial public offering deployments to roughly $40 million.
The acquisitions included the Brown Clinic in Watertown, S.D., the Northern Ohio Medical Specialists portfolio, and the Prospect medical office building in East Orange, N.J. Nine of the eleven buildings that make up the portfolio were purchased for $25.4 million, while the final two transactions are expected to be closed in December for roughly $5.4 million. The two deals are pending the completion of certain renovations currently underway.
According to Global Medical CEO David Young, the company worked on schedule and according to its existing strategy of acquiring state-of-the-art, purpose-built healthcare facilities. “By closing the acquisitions in a timely manner we are also able to focus our attention squarely on advancing additional acquisitions through our pipeline,” Young noted in a prepared statement. Prior to the acquisitions, the REIT already had a presence in Florida, Tennessee, Texas, North Carolina and Michigan.
Image courtesy of Global Medical REIT Inc.