Griffin-American Healthcare REIT IV, Inc. Acquires Medical Office Building in Wisconsin

April 16, 2018

Griffin-American Healthcare REIT IV, Inc. Acquires Medical Office Building in Wisconsin

April 13, 2018 | James Sprow | Blue Vault

American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced on April 13 that the REIT has acquired Sauk Prairie Medical Office Building, which consists of a Class A, on-campus medical office building located in the Wisconsin village of Prairie du Sac, near Madison, for $19.5 million.

Built in 2014, the approximately 55,000-square-foot Sauk Prairie Medical Office Building is currently 100 percent leased to multiple healthcare service providers specializing in orthopedics, women’s health, obstetrics and gynecology, sleep lab, audiology, otolaryngology, cardiology, surgery, pain management, dermatology, endocrinology, urology, neurology, oncology, geriatrics, and optometry.

“Sauk Prairie Medical Office Building is strategically located on the campus of the local community hospital, serving as a critical component of the area’s healthcare delivery chain,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “There is a lack of on-campus medical office options in the market, which we believe provides added value to the building and to the portfolio of Griffin-American Healthcare REIT IV.”

Griffin-American Healthcare REIT IV purchased its first property in June 2016 and, as of the date of acquisition of Sauk Prairie Medical Office Building, has since acquired a portfolio of 43 medical office buildings, senior housing facilities and skilled nursing facilities for an aggregate contract purchase price of approximately $508 million. Additionally, the company is currently pursuing approximately $233 million in additional pending acquisitions which would result in a total portfolio of approximately $741 million upon the successful completion of these potential acquisitions.

Blue Vault’s Q4 2017 NTR report on Griffin-American Healthcare REIT IV shows a current distribution yield of 6.00% and 6.51% annualized for Class T and Class I shares, respectively, based upon the original offering prices. As of December 31, 2017, the REIT had received and accepted subscriptions in its offering for 41,218,498 aggregate shares of Class T and Class I common stock, or approximately $410,151,000, excluding shares issued pursuant to the DRIP.

Sources: American Healthcare Investors Press Release April 13, 2018; Blue Vault Partners


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