Nevada Medical Office Changes Hands

American Healthcare Investors joined hands with Griffin-American Healthcare REIT IV to acquire the 191,000-square-foot Class A medical office building.

Reno, Nev.—American Healthcare Investors, an investment management firm specializing in the acquisition and management of health care-related real estate, purchased Reno Medical Office Building in Reno, Nev., also known as Saint Mary’s Center for Health. The company purchased the building with Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV.

The 191,000-square-foot Class A medical office building is located on the campus of the 380-bed St. Mary’s Regional Medical Center. The six-story building was 100 percent leased at the time of the deal to seven tenants, including Prime Healthcare Services, the operator of St. Mary’s Regional Medical Center. Providing a plethora of healthcare services, Reno Medical Office Building is the primary outpatient location for the hospital. Property services include wellness, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine.

“It is modern, attractive and enjoys a tremendous location on the campus of one of the premier hospitals in Northern Nevada. Perhaps most importantly, the vast majority of the building is leased to the operator of the hospital, which we believe may provide greater long-term stability and added value to the property,” said Stefan Oh, EVP of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.

Ensemble Real Estate Solutions & Investments developed the office building, which was purchased from an unaffiliated third party represented by Chris Bodnar and Lee Asher of CBRE. The REIT financed the acquisition using cash and debt under its line of credit, which Bank of America and KeyBank secured.

Images courtesy of Mascari Warner Architects