REIT Marks $135M MOB Portfolio Buy

IRVINE, CA—Griffin-American Healthcare REIT III is continuing its strong healthcare real estate acquisition activity by entering into an agreement to acquire a portfolio of medical-office buildings in New York, New Jersey, Massachusetts and Kentucky for $135 million. GlobeSt.com has learned that the seller is Kadima Medical Properties LLC.

American Healthcare Investors and Griffin Capital Corp., co-sponsors of the REIT, have announced its intention to acquire Independence Medical Office Building Portfolio, which is composed of five buildings totaling approximately 461,000 square feet in New York City; Verona and Morristown, NJ; Somerville, MA; and Southgate, KY. According to Danny Prosky, a principal of AHI and president and COO of the REIT, “The acquisition of this portfolio will significantly expand Griffin-American Healthcare REIT III in core urban areas located near major academic and healthcare institutions. The portfolio is strongly aligned with major healthcare providers and is more than 96% occupied.”