BIRMINGHAM, Ala. – Griffin-American Healthcare REIT IV, Inc., has acquired a medical office building portfolio including a property on the Coosa Valley Medical Center campus in Sylacauga and two medical office buildings in Cullman.
CVMC’s lease of the Coosa Valley Medical Plaza on West Spring Street, home of the Craddock Health Center, runs through January 2025. The three-story medical office building was constructed in 1999.
“Each of the three buildings in the Iron Medical Office Building Portfolio are of premium quality and are located on the campuses of thriving regional hospitals,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV.
“The Coosa Valley Medical Plaza provides premier professional office space for our physician partners to deliver high quality care to their patients,” said Glenn Sisk, Chief Executive Officer of Coosa Valley Medical Center. “Given the challenging reimbursement environment hospitals in Alabama face and the resulting poor access to capital, it is not uncommon to see transactions such as this occur.”
“It is our anticipation that the new co-owners of this asset will continue to maintain it in a first class fashion and our patients and guests will continue to have access to high quality healthcare close to home,” Sisk added.
Since purchasing its first property in June 2016, Griffin-American Healthcare REIT IV has invested $91 million in eight medical office buildings. The REIT is co-sponsored by California-based American Healthcare Investors, LLC, and Griffin Capital Corporation.
American Healthcare Investors is a real estate investment firm specializing in acquisition and management of healthcare-related real estate on behalf of multiple investment programs involving thousands of individual and institutional investors. Griffin Capital and its affiliates own, manage, sponsor, and/or co-sponsor a portfolio consisting of approximately 38 million square feet of space in 30 states and the United Kingdom.
Michael Brannon for SylacaugaNews.com | © 2016, SylacaugaNews.com/Marble City Media LLC. All Rights Reserved.