Griffin-American Snags CO MOB for $32M

Grand Junction Medical Office Building comprises 83,000 square feet and is fully leased to the Colorado West Healthcare System and its subsidiaries.
Grand Junction Medical Office Building

Griffin-American Healthcare REIT IV has acquired Grand Junction Medical Office Building, a Class A asset in Grand Junction, Colo., for $31.5 million. 

“Grand Junction Medical Office Building is a premier medical office building in the Grand Valley region of western Colorado and is an important component of the medical delivery network for the 150,000 people living in and around Grand Junction,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV, in a prepared statement. 

Fully-leased investment 

Located in the Canyon View Medical Plaza, the 2013-built property is situated at 2372 G. Road and comprises 83,000 square feet. The asset is currently 100 percent leased to the Colorado West Healthcare System and its subsidiaries, Urological Associates of Western Colorado P.C. and Western Orthopedics and Sports Medicine P.C. The building, which is the only medical office building on the campus, is also directly connected to Colorado West Healthcare System’s Community Hospital. 

CBRE’s Chris Bodnar and Lee Asher represented the seller, Grand Junction Medical Center LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash and borrowings under its revolving credit line with Bank of America and Keybank National Association. 

“Additionally, by the year 2035, as part of the Grand Junction Comprehensive Plan, the city anticipates doubling its population through strategic commercial real estate developments and transportation improvements, which we believe may drive even greater long-term value for the building, our portfolio and our investors,” Oh added in prepared remarks.

In May, the REIT purchased the $11.7 million Surprise Medical Office Building, a Class A facility that is part of a 756-acre master-planned community in the Northwest Valley of Phoenix. 

Image courtesy of Griffin-American Healthcare REIT IV