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)
Contact:
Damon Elder
(949) 270-9207
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