Griffin-American Buys Hospitals, Office Buildings in Los Angeles, Georgia, TexasWednesday, October 3, 2012
Newport Beach-based real estate investor Griffin-American Healthcare REIT II Inc. bought three Los Angeles area hospitals and three medical office buildings in Texas and Georgia for $108.7 million.
Griffin-American said that its portfolio of healthcare real estate is now valued at $1.1 billion based on purchase price.
The deal includes East Los Angeles Doctors Hospital, Memorial Hospital of Gardena and Coast Plaza Hospital in Norwalk. Griffin-American bought the properties from Avanti Hospitals LLC of El Segundo. Each hospital is master leased to Avanti operating affiliates.
Griffin-American previously was a unit of the former Grubb & Ellis Co., now Santa Ana-based Newmark Grubb Knight Frank. Griffin Capital Corp. and American Healthcare Investors LLC took over sponsorship of the unit in late 2011.