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Griffin-American REIT buys 46k-sf medical office in Battle Creek, MI

 

American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., acquired Battle Creek Medical Office Building, an approximately 46,000-square-foot property located on 7.34 acres of land in Battle Creek, Michigan.

 

This multi-tenant medical office building is currently approximately 97 percent leased and anchored by Ambulatory Surgery Associates, LLC (doing business as Brookside Surgery Center), which recently signed a new lease and occupies approximately 14,000 square feet, or 31 percent of gross leasable area, through 2027.

 

Brookside Surgery Center has invested approximately $1.2 million in tenant improvements at the property and has made other significant non-real estate-related investments to their business. The remaining leaseholders include a variety of complementary medical tenants, most of whom are on lengthy triple-net leases.

 

Battle Creek Medical Office Building is strategically located in the midst of a medical office park adjacent to the newly completed 65,000-square-foot Borgess Health Park. Located on the edge of a burgeoning commercial and residential area, it houses a range of medical practices, sharing common spaces to offer a variety of different health services for an expanding community. Medical services and uses include: outpatient surgical procedures in general surgery, gynecology, hand surgery, ophthalmology, otolaryngology, orthopedics, pain management, plastic surgery, podiatry and urology.

 

"This is an attractive acquisition that expands the Griffin-American Healthcare REIT IV portfolio and extends our reach in the state of Michigan," said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. "The property holds a Certificate of Need for Brookside Surgery Center and is in close proximity to Bronson Hospital – Battle Creek and Borgess Health Park, which both may help to ensure the long term stability of the investment."

 

Griffin-American Healthcare REIT IV financed the acquisition using cash on hand.

 

Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of 13 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $146 million.

 

American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate. One of the world's largest managers of healthcare real estate, the company oversees an approximately 29 million-square-foot portfolio valued at more than $8.1 billion, based on aggregate purchase price, on behalf of multiple investment programs that include thousands of individual and institutional investors. As of December 31, 2016, this international portfolio includes more than 600 buildings comprised of medical office buildings, hospitals, senior housing, skilled nursing facilities and integrated senior health campuses located throughout the United States and the United Kingdom.

 

The company and its principals have completed approximately $25 billion in aggregate acquisition and disposition transactions, approximately $15 billion of which have been healthcare-related. American Healthcare Investors is committed to providing investors with access to the potential benefits that healthcare-related real estate ownership can provide. For more information regarding American Healthcare Investors, please visit .

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