REAL ESTATE INVESTMENT
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Griffin-American purchases 3 buildings in southern states
The company’s clinical healthcare acquisition strategy is based off trends towards the “aging of America”
by Kristina WongPublished: February 06, 2012 12:35 PM
Newport Beach-based Griffin American Healthcare REIT II recently obtained three medical office buildings in Florida, Georgia and South Carolina for $25.1 million. The company, formerly Grubb & Ellis Healthcare REIT II, currently holds a portfolio of 70 buildings valued at $630 million.
The three newly acquired buildings represent a total of 117,000-square-feet of medical office space, and each property is located on or near a regional medical center. Griffin-American Healthcare REIT II will further its purchase strategy of following demographic trends to indicate potential growth through the purchase of properties including medical office buildings, hospitals and surgery centers, or labs and research facilities, among others.
“We believe the aging of America is driving demand for healthcare services constantly higher throughout the country,” said Danny Prosky, the company’s president and COO. “Griffin-American Healthcare REIT II is designed to take advantage of this demographic wave through the acquisition of clinical healthcare facilities that produce immediate income for our investors. These latest additions to our portfolio meet these criteria and build upon our institutional-quality nationwide portfolio.”
The three newly obtained properties include Boynton East Medical Office Building in Boynton Beach, Florida, East-West Medical Office Building in Austell, Georgia, and Okatie Medical Office Building in Okatie, South Carolina. The two-story, 28,000-square-foot Boynton East Medical Office Building was built in 2003 and is 95 percent leased to eight tenants. The single-story, 42,000-square-foot East-West Medical Office Building was built in 1999 with 100 percent of the available space leased to two tenants. The three-story, 47,000-square-foot Okatie Medical Office Building was built in 1997 and 91 percent leased to three tenants.
Along with the three medical office buildings recently acquired, the Griffin American Healthcare REIT II holds properties in other states including California, Idaho, Texas, Colorado, Missouri, Oklahoma, Arkansas, Louisiana, Minnesota, Ohio, North Carolina, Virginia, and Pennsylvania.
Related headlines
Griffin-American Healthcare REIT II acquires 11 facilities
Griffin-American Healthcare REIT II completes transition
Grubb & Ellis Healthcare REIT II reorganizes management structure
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The three newly acquired buildings represent a total of 117,000-square-feet of medical office space, and each property is located on or near a regional medical center. Griffin-American Healthcare REIT II will further its purchase strategy of following demographic trends to indicate potential growth through the purchase of properties including medical office buildings, hospitals and surgery centers, or labs and research facilities, among others. “We believe the aging of America is driving demand for healthcare services constantly higher throughout the country,” said Danny Prosky, the company’s president and COO. “Griffin-American Healthcare REIT II is designed to take advantage of this demographic wave through the acquisition of clinical healthcare facilities that produce immediate income for our investors. These latest additions to our portfolio meet these criteria and build upon our institutional-quality nationwide portfolio.” The three newly obtained properties include Boynton East Medical Office Building in Boynton Beach, Florida, East-West Medical Office Building in Austell, Georgia, and Okatie Medical Office Building in Okatie, South Carolina. The two-story, 28,000-square-foot Boynton East Medical Office Building was built in 2003 and is 95 percent leased to eight tenants. The single-story, 42,000-square-foot East-West Medical Office Building was built in 1999 with 100 percent of the available space leased to two tenants. The three-story, 47,000-square-foot Okatie Medical Office Building was built in 1997 and 91 percent leased to three tenants. Along with the three medical office buildings recently acquired, the Griffin American Healthcare REIT II holds properties in other states including California, Idaho, Texas, Colorado, Missouri, Oklahoma, Arkansas, Louisiana, Minnesota, Ohio, North Carolina, Virginia, and Pennsylvania. Related headlines Griffin-American Healthcare REIT II acquires 11 facilities Griffin-American Healthcare REIT II completes transition Grubb & Ellis Healthcare REIT II reorganizes management structure |
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