June 4, 2018
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.
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