SPOKANE, WA (Feb. 7, 2012) – Griffin-American Healthcare REIT II (formerly known as Grubb & Ellis Healthcare REIT II) announced today that it has acquired Spokane Integrated Medical Plaza (top left photo) for a purchase price of $32.5 million.
The acquisition expands the size of the company’s portfolio to 71 buildings valued at approximately $663 million, based on purchase price. The company has completed acquisitions totaling more than $224.1 million since the start of 2012.
Located at 601 W. Fifth Ave. in the midst of a flourishing medical corridor, Spokane Integrated Medical Plaza is adjacent to the 388-bed Deaconess Medical Center (middle left photo) one block east of Shriner’s Hospital for Children (lower right photo), and one-half-mile west of the 644-bed Providence Sacred Heart Medical Center & Children’s Hospital (lower left photo) and St. Luke’s Rehabilitation Institute.
“Spokane Integrated Medical Plaza is strategically located between two hospitals and in the midst of a thriving medical community,” said Danny Prosky (top right photo), president and chief operating officer.
“It is nearly fully leased to two creditworthy tenants, generates excellent net operating income, and is in superb physical condition. We couldn’t be more pleased to add this exceptional facility to Griffin-American Healthcare REIT II’s nationwide portfolio of clinical healthcare real estate.”
Built in 2004, the five-story medical office building totals approximately 96,000 square feet and is 97 percent leased to two tenants, a wholly owned subsidiary of Community Health Systems, one of the largest publicly-traded hospital companies in the United States, and Northwest Orthopaedic Specialists, the largest orthopaedic group in the Inland Northwest.
A variety of medical services are provided at Spokane Integrated Medical Plaza, including: diagnostic and physical therapy, sports medicine, spinal surgery, orthopaedic surgery and diagnostics, as well as general surgery.
Spokane Integrated Medical Plaza was acquired from Medistar Spokane Medical Center LLC, an unaffiliated third party represented by Philip J. Camp and Jay Miele of Hammond Hanlon Camp LLC.
Griffin-American Healthcare REIT II financed the acquisition through the assumption of $14.5 million of existing debt, $19 million in borrowings under its line of credit with KeyBank, 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.
For more information regarding Griffin-American Healthcare REIT II, please visit www.HealthcareREIT2.com.
Contact:
Damon Elder
Senior VP, Marketing & Communications
American Healthcare Investors
4000 MacArthur Boulevard
West Tower, Suite 200
Newport Beach, CA 92660
(949) 270-9207 direct
(714) 356-1460 cell
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