April 30, 2018
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.
For comments, questions or concerns, please contact Dennis Kaiser