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Griffin-American Pays $108.7 Million for Medical Buildings

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Three L.A.-area hospitals have been purchased by Newport Beach real estate investor Griffin-American Healthcare REIT II Inc. as part of a deal worth about $108.7 million.

Griffin-American—which also bought three medical office buildings in Georgia and Texas in the deal—said that its portfolio of healthcare real estate is now valued at $1.1 billion based on purchase price.

The deal includes Coast Plaza Hospital in Norwalk, as well as East Los Angeles Doctors Hospital and Memorial Hospital of Gardena.

Griffin-American bought the properties from Avanti Hospitals LLC of El Segundo.

Griffin-American previously was a unit of the former Grubb & Ellis Co., which was acquired and has been folded into Santa Ana-based Newmark Grubb Knight Frank. Griffin Capital Corp. and American Healthcare Investors LLC took over sponsorship of the unit in late 2011.

Vita Reed

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