And sure enough, much like Griffin-American Healthcare REIT II did when it first started buying properties in 2009, the new REIT looks to be starting with smaller purchases.

According to the company, the unlisted REIT recently closed on the acquisition of the 37,000 square foot Acworth Medical Complex in Acworth, GA, for which the REIT paid about $6.5 million, or $176 per square foot.

In addition, the REIT had entered two agreements recently to purchase other medical office buildings (MOBs) in Georgia. According to sales data from Real Capital Analytics, G-A REIT III had purchases pending for the following: the 14,882 square foot Country Club MOB in Stockbridge for $2.8 million, or $186 per square foot; and the 18,786 square foot DeKalb Professional Center in Lithonia for $2.8 million, a price per square foot of $151.

With the same professionals running Griffin-American Healthcare REIT III as those who ran G-A REIT II, it is likely that the new company will soon be making quite a splash in the healthcare real estate (HRE) acquisitions market. Those executives include Jeffrey Hanson as chairman and CEO, Danny Prosky as president and chief operating officer, and Mathieu Streiff as executive VP.

According to a spokesman with Griffin-American Healthcare REIT III, the formula for the new REIT is similar to the other, which sought to acquire a diverse portfolio of healthcare assets.

Since its founding in 2009 and before it closed its stock offering in October 2013, Griffin-American Healthcare REIT II raised about $2.8 billion and accumulated a portfolio of properties valued at nearly $3 billion based on purchase price. That REIT's holdings, as of March 31, comprised 286 buildings with 11.1 million square feet of space. About 46.5 percent of the portfolio space, based on purchase price, is composed of MOBs; 31.5 percent is seniors housing; 6.9 percent is hospital space; and 15.1 is skilled nursing.