(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
SPOKANE, WA-Griffin-American Healthcare REIT II, formerly known as Grubb & Ellis Healthcare REIT II, has acquired Spokane Integrated Medical Plaza for $32.5 million. The acquisition expands the size of the company’s portfolio to 71 buildings valued at approximately $663 million, based on purchase price.
Located at 601 W. Fifth Ave. in what is known as a “thriving medical corridor,” Spokane Integrated Medical Plaza is adjacent to the 388-bed Deaconess Medical Center, one block east of Shriner’s Hospital for Children, and one-half-mile west of the 644-bed Providence Sacred Heart Medical Center & Children’s Hospital and St. Luke’s Rehabilitation Institute.
Spokane Integrated Medical Plaza was acquired from Medistar Spokane Medical Center LLC, an unaffiliated third party represented by Philip J. Camp and Jay J. Miele of Hammond Hanlon Camp LLC. Griffin-American Healthcare REIT II financed the acquisition through the assumption of $14.5 million of existing debt, as well as net cash proceeds received from its offering.
According to Danny Prosky, president and chief operating officer of Griffin-American Healthcare REIT II, “Spokane Integrated Medical Plaza is nearly fully leased to two creditworthy tenants, generates excellent net operating income, and is in superb physical condition.”
Built in 2004, the five-story medical office building totals approximately 96,000 square feet and is 97% leased to two tenants, Spokane Washington Hospital Co., a wholly owned subsidiary of Community Health Systems, and Northwest Orthopaedic Specialists, the largest orthopedic group in the Inland Northwest. A variety of medical services are provided at Spokane Integrated Medical Plaza, including: diagnostic and physical therapy, sports medicine, spinal surgery, orthopaedic surgery and diagnostics, as well as general surgery.
The REIT has been busy lately. As GlobeSt.com recently reported, it just snapped up a trio of medical office buildings across three Southeastern states for $25.1 million. Those three medical office buildings totaled about 117,000 square feet collectively and all post high occupancy.
Also as GlobeSt.com reported, the REIT took on 10 skilled nursing facilities and one medical office building for a total of $174.3 million in January. The REIT II financed that acquisition through the assumption of nine separate US Housing and Urban Development loans totaling $70.5 million, the assumption of a $12.7 million loan with Capital Funding Group, $38.4 million in borrowings under its line of credit with Bank of America, N.A., $20 million in borrowings under its line of credit with KeyBank, in addition to net cash proceeds received from its offering.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
