Griffin-American REIT Acquires MOB Portfolio
- Oct 10, 2017
Griffin-American Healthcare REIT IV Inc. acquired the Fairfield County Medical Office Building Portfolio from Trumbull Medical Arts LLC and Stratford Medical Arts LLC. The portfolio encompasses two medical office buildings located in Stratford and Trumbull, Conn.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of 30 medical office buildings and senior housing facilities.
The 80,000-square-foot Fairfield County Medical Office Building Portfolio is currently 94.6 percent leased to 15 tenants including Northeast Medical Group Inc. and St. Vincent’s Multispecialty Group Inc., subsidiaries of Yale New Haven Health and Ascension Health, respectively. The portfolio is anchored by affiliates of Advanced Radiology Consultants, which occupies 29 percent of the leasable space and recently signed new agreements to extend its leases to 2029. Most tenants have a current average remaining lease term of more than seven years.
“Fairfield County Medical Office Building Portfolio is located in a prosperous region of the country with a significant demand for healthcare services,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV, in prepared remarks. “The portfolio enjoys a high occupancy level and strong roots to the local healthcare delivery systems, making it a very attractive addition to Griffin-American Healthcare REIT IV.”
The sellers were represented by Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America N.A. and KeyBank National Association.
Image courtesy of Griffin-American Healthcare REIT IV