Griffin-American Healthcare REIT IV Inc. in Irvine bought two medical office buildings, one each in Michigan and Alabama, for a combined $25 million.
The real estate investment trust is backed by American Healthcare Investors LLC in Irvine and Griffin Capital Corp. in Los Angeles.
American Healthcare buys and runs healthcare-related properties. Griffin Capital buys real estate for institutional investors.
Griffin-American Healthcare REIT IV’s focus includes medical office buildings, hospitals, skilled nursing facilities, and senior housing.
The office building in Rochester, Mich., is 30,000 square feet and 93% leased to seven tenants, which include a health system with eight hospitals. The building in Cullman, Ala., is 52,000 square feet and leased to a medical center and a physician’s group.
Griffin-American president and Chief Operating Officer Danny Prosky noted the buildings’ “exceptional tenants” and locations “on or near the campuses of major regional hospitals.”
The REIT financed the purchases with cash, its line of credit and assumption of a $4 million loan on the building in Michigan.
