December 20, 2016
Griffin-American Healthcare REIT IV closed on the Evendale Medical Office Building, paying Equity Inc. $10.4 million for the asset. The 66,000-square-foot building is at 10475 Reading Rd. in Evendale, a suburb of Cincinnati. Chris Bodnar and Lee Asher of CBRE represented the Hilliard, OH-based seller.
The four-story building is 76.4% occupied, with tenants including Procter & Gamble, Laboratory Corp. of America and LabOne of Ohio Inc. (Quest Diagnostics). Additional tenants include healthcare professionals in areas including dental care, primary care, podiatry and gynecology.
The REIT, based in Irvine, CA, is co-sponsored by Griffin Capital Corp. and American Healthcare Investors. It acquired its first property in June. Since then, it has bought 12 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $139 million.
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