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AHI/Griffin Gains Healthcare Assets for $47M

NEWPORT BEACH, CA-The local REIT co-sponsors acquire a Houston hospital and a Massachusetts senior-care portfolio.

By Carrie Rossenfeld | Updated on December 26, 2012

NEWPORT BEACH, CA-Continuing to expand and diversify the portfolio of Griffin-American Healthcare REIT II, American Healthcare Investors and Griffin Capital Corp. here have announced that the REIT has acquired Bellaire Medical Center in Houston and a three-building portfolio of senior-care facilities in Massachusetts for an aggregate purchase price of roughly $47.6 million. The purchase brings the REIT’s total portfolio to 125 buildings valued at approximately $1.14 billion, based on purchase price, diversified across 27 states.

Bellaire Medical Center, a 216-bed, 161,000-square-foot, long-term acute-care center and behavioral rehabilitation hospital in the Houston suburb of Bellaire, was purchased directly from 5314 Dashwood LP, an unaffiliated third party. GAHR II financed the acquisition using $23.5 million in borrowings under its unsecured line of credit with Bank of America N.A., and the remaining using cash on hand.

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