Griffin-American Healthcare REIT IV Acquires Iron Medical Office Building Portfolio in Alabama
Tuesday, October 18, 2016 4:22 PM UTC | EconoTimes
BIRMINGHAM, Ala., Oct. 18, 2016 — American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today that the REIT has acquired Iron Medical Office Building Portfolio, comprised of three medical office buildings located in the Birmingham suburbs of Cullman and Sylacauga, Alabama.
The three-building Iron Medical Office Building Portfolio totals approximately 204,000 square feet and is approximately 84 percent leased. Two of the buildings are located on the campus of the 145-bed Cullman Regional Medical Center, while the third lies on the campus of the 248-bed Coosa Valley Medical Center. Both Cullman Regional Medical Center, Inc. and Coosa Valley Medical Center (which is legally known as The Sylacauga Health Care Authority) are long-term tenants of each of the medical office buildings, which have a weighted average remaining lease term of 7.4 years. Coosa Valley Medical Center leases 100 percent of the Sylacauga building through January 2025. Griffin-American Healthcare REIT IV acquired a third building on the Cullman Regional Medical Center campus late last month in an unrelated transaction, resulting in ownership of the three major medical office buildings on the campus.
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