June 4, 2018 Comments Off on Griffin-American Healthcare REIT IV Acquires MOB Near Detroit Views: 3216 Michigan, Midwest, National News

Griffin-American Healthcare REIT IV Acquires MOB Near Detroit

American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., reported it acquired Southfield Medical Office Building, located in the Detroit suburb of Southfield, MI, from Universal Properties FPMC, LLC for $16.2 million.

The roughly 85,000-square-foot medical office building was 96% leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group, which leases 42% of the building, and affiliates of Beaumont Health System, which lease 15%.

American Healthcare Investors and Griffin-American Healthcare REIT IV’s Stefan Oh says, “Southfield Medical Office Building is located within a densely-populated metropolis with significant healthcare demands and in close proximity to a number of the region’s busiest hospitals.”

Friedman Integrated Real Estate Solutions’ Rich Deptula and Todd Hawley represented the seller. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand, borrowings under its revolving lines of credit, as well as through the assumption of an existing mortgage loan.

Connect With American Healthcare Investors’ Oh

Connect With Universal Properties FPMC, LLC


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