Friday, February 3, 2012
Griffin-American Healthcare REIT II Acquires Medical Office Buildings in Florida, Georgia and South Carolina
NEWPORT BEACH, CA /PRNewswire/ -- Griffin-American Healthcare REIT II (formerly known as Grubb & Ellis Healthcare REIT II) announced that it has acquired three medical office buildings in Florida, Georgia and South Carolina for an aggregate purchase price of $25.1 million.
As of Jan. 30, 2012, the company's portfolio totaled 70 buildings valued at approximately $630 million, based on purchase price.
Totaling approximately 117,000 square feet, the three medical office buildings enjoy high occupancy and are either located on the campus of, or in close vicinity to, a regional medical center.
"We believe the aging of America is driving demand for healthcare services constantly higher throughout the country," said Danny Prosky (top right photo).
"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."
Boynton East Medical Office Building (top left photo) - Boynton Beach, Florida
Boynton East Medical Office Building is a two-story, 28,000-square-foot facility built in 2003 on the campus of the 400-bed Bethesda Memorial Hospital in Boynton Beach, Florida. The property is 95 percent leased to eight tenants, the largest of which is Bethesda Memorial, which occupies more than 46 percent of the building.
East-West Medical Office Building (middle right photo) - Austell, Georgia
East-West Medical Office Building is a single-story, 42,000-square-foot facility built in 1999 in the Atlanta suburb of Austell, Georgia. The property is 100 percent leased to two tenants, the largest of which is Ortholink Physicians Corporation, which occupies nearly 79 percent of the building. The 382-bed WellStar Cobb Hospital, which employs more than 11,000 people, is located approximately one-half mile from East West Medical Office Building.
Okatie Medical Office Building (lower left photo) - Okatie, South Carolina
Okatie Medical Office Building is a three-story, 47,000-square-foot facility built in 1997 in Okatie, South Carolina. The property is approximately 91 percent leased to three tenants, including Hilton Head Regional Healthcare System, which occupies nearly 82 percent of the building.
Griffin-American Healthcare REIT II financed the acquisition through the assumption of $11.9 million of existing debt, $12 million in borrowings under its line of credit with Bank of America, N.A., as well as net cash proceeds received from its offering.
As of Sept. 30, 2011, the company's property portfolio was 97 percent leased with a weighted average remaining lease term of approximately ten years and leverage of 25.6 percent.
Griffin-American Healthcare REIT II has sold approximately 49,142,228 shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $490,386,000 through its initial public offering, as of Jan. 27, 2012.
About Griffin-American Healthcare REIT II, Inc. (formerly known as Grubb & Ellis Healthcare REIT II)
For more information regarding Griffin-American Healthcare REIT II, please visit www.HealthcareREIT2.com.
Web Site: http://www.HealthcareREIT2.com
SACRAMENTO, CA –Voit Real Estate Services’ Sacramento office has announced the addition of Carol Sitzenstatter (top right photo) to its brokerage team as Vice President of leasing and sales, according to Kevin Sheehan (lower left photo), Managing Director of Voit’s Sacramento office.
Sitzenstatter brings nearly 30 years of experience in brokerage, asset management and property management in various Northern California markets to Voit.
As Vice President of leasing and sales, Sitzenstatter will specialize in Sacramento’s office and retail markets.
“As Voit’s Sacramento brokerage continues to grow, we are committed to seeking the best and brightest in the industry,” said Sheehan. “Carol’s experience and market knowledge will be an enormous asset to our team, and she will be a key player as we continue to serve our clients throughout Sacramento.”
Prior to joining Voit, Sitzenstatter served as Vice President of leasing and sales at Colliers International, where she specialized in office and industrial properties. During her three years at Colliers, Sitzenstatter completed more than 60 transactions including a number of business park and office building listings in excess of 650,000 square feet.
Sitzenstatter also served as Vice President, District Manager at RREEF. In this role, she was responsible for the leasing and marketing of portfolios with combined assets totaling three million square feet.
Sitzenstatter began her career in commercial real estate as a leasing specialist where she gained experience negotiating deals with individual investors, institutional investors, landlords and tenants in industrial, office, R&D and retail markets. Throughout her career, Sitzenstatter has also gained extensive experience in property and asset management.
Sitzenstatter earned her degree in Business Administration from California State University, Chico. She is a member of the Association of Commercial Real Estate (ACRE), and Commercial Real Estate Women (CREW). She is currently an SIOR candidate.
Judith Brower / Jenn Quader
Brower, Miller & Cole
ORANGE, CA – Voit Real Estate Services’ Anaheim office has successfully directed the $5.1 million sale of a 44,340 square-foot industrial property (top left photo) located at 749 N. Poplar Street in Orange, Calif.
Based on consideration and square footage, this transaction was the largest industrial owner-user sale of 2011 within the city of Orange, according to Seth Davenport (top right photo), Senior Vice President in Voit’s Anaheim office.
Davenport worked with Mitch Zehner (lower left photo), Executive Vice President in Voit’s Anaheim office, to represent the buyer and the seller in the transaction.
“As the health of the industrial market continues to improve, now is the time for companies to buy industrial properties at highly competitive prices,” said Davenport. “Since the supply of industrial space is greatly limited in Orange County, we are beginning to see more motivated buyers and sellers in this market, which is an excellent indication of economic stability.”
The buyer is a company that specializes in architectural concrete construction, and plans to use this manufacturing industrial warehouse for its operations.
Judith Brower / Jenn Quader
Brower, Miller & Cole
Voit Reports Positive Net Absorption for 10th Consecutive Quarter in Inland Empire Industrial Market; Vacancy is down 22 percent from 2010
INLAND EMPIRE, CA – In the fourth quarter of 2011, the Inland Empire industrial market displayed positive net absorption for the tenth consecutive quarter, posting 1.8 million square feet, for a total of 13.6 million square feet in all of 2011, according to the Fourth Quarter Market Report from Voit Real Estate Services.
The market demonstrated steady activity in Q4 2011, as vacancy dropped 22 percent below its 2010 rate and construction began on a number of large industrial properties, according to Walt Chenoweth (top right photo), Executive Vice President of Voit’s Inland Empire office.
“The demand for industrial space has picked up, and we are seeing renewed interest in sales transactions. In 2011, activity was higher in the first two quarters of the year than in Q3 and Q4, but that is likely due to the lack of available large industrial space in the marketplace,” said Chenoweth.
“With construction now underway on big-box industrial properties, we expect to see strong leasing activity for large blocks of space in 2012.
"We also anticipate that tenants will continue to sign longer-term leases as lease rates begin to rise. These are all positive indicators that the market is steadily recovering, and we expect to see continued stabilization as job growth occurs.”
Job growth is crucial to the recovery of the Inland Empire market, and the numbers are finally beginning to move in the right direction, according to Chenoweth. Unemployment steadily decreased in late 2011, and the LAEDC is predicting that 15,300 new jobs will be added in the Inland Empire area in 2012.
For a complete copy of the company’s news release, please contact:
Judith Brower / Jenn Quader
Brower, Miller & Cole
UNIONDALE, NY– Following a year in which the company exhibited record agency loan origination volume, Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announces the promotion of John Caulfield (top right photo) to Chief Operating Officer. Mr. Caulfield previously held the title of Executive Vice President, Director of Operations.
In Mr. Caulfield’s new role, his scope of responsibilities will expand to include oversight of Arbor’s $5.8-billion Multifamily loan servicing portfolio as well as a heightened level of business collaboration and engagement with Arbor’s valued business partner, Fannie Mae. Arbor is the sixth-ranked Fannie Mae DUS® Multifamily lender, as measured by total origination volume.
In addition to his new responsibilities, Mr. Caulfield will continue to oversee Arbor’s Sales Origination, Capital Markets and Underwriting departments as well as all aspects of the company’s loan process, from screening to closing. He is also responsible for managing the company’s trading and investment banking partnerships.
“Under John’s leadership, Arbor has significantly grown its Fannie Mae DUS® and FHA lending business market share while improving its operational efficiencies over the course of several challenging real estate market cycles. That tireless work recently culminated in a record origination volume year for the company across our primary agency lending businesses,” said Ivan Kaufman (middle left photo), Arbor’s Chairman and CEO.
“In understanding and uncovering the growth potential of every facet of Arbor’s business platforms, John has managed to develop the necessary infrastructure and processes that have become part of the foundation of Arbor’s success and continual growth. In the new role of Chief Operating Officer, John will undoubtedly help lead Arbor to even greater milestones and, most importantly, help our clients better achieve their financial goals.”
During his more than two decades with Arbor, Mr. Caulfield has helped Arbor rapidly climb the ranks of the Top 10 Fannie Mae DUS® Multifamily lenders, ascending from 10th to sixth within the past four years alone. He has also played a critical role in recently expanding Arbor’s Bridge Loan and FHA lending business.
Mr. Caulfield is a member of Arbor’s Fannie Mae DUS® Loan Committee as well as its Executive Committee. He is also a member of the Mortgage Bankers Association.
Contact: Christopher Ostrowski, email@example.com