April 30, 2018 Comments Off on Global Medical REIT Closes Ohio MOB Portfolio Acquisition Views: 2334 Midwest, National News, Ohio

Global Medical REIT Closes Ohio MOB Portfolio Acquisition

Global Medical REIT Inc. completed the acquisition of the Belpre Medical Office Portfolio in Belpre, OH for an aggregate purchase price of $64.2 million. The Bethesda, MD-based company assumed the seller’s interest, as lessor, in four leases with Marietta Memorial Hospital, a subsidiary of the Memorial Health System.

The leases on the Belpre Portfolio are triple-net leases with a weighted average remaining lease term of approximately 11.35 years, each subject to three, five-year renewal options by the tenant. The portfolio includes:
– Building I – current annual rent of roughly $1.2 million
– Building II – current annual rent of roughly $0.6 million
– Building III – current annual rent of roughly $0.8 million
– Building IV – current annual rent of roughly $2.5 million

The initial capitalization rate for the property is approximately 7.9%. The acquisition of the Belpre Portfolio brings Global Medical REIT’s overall gross portfolio size to roughly $600 million.

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