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Griffin-American IV Adds Southfield MOB to Healthcare Portfolio
Griffin American Healthcare REIT IV has acquired Southfield Medical Office Building, in the Detroit’s Southfield, MI suburb, for $16.2 million. The seller of this 96% leased MOB was Universal Properties FPMC LLC.
The 85,000-square-foot MOB’s largest tenant is Wayne State University Physician Group, which leases 42% of the property. “Southfield Medical Office Building is located within a densely-populated metropolis with significant healthcare demands and in close proximity to a number of the region’s busiest hospitals,” said Stefan Oh, EVP of acquisitions for American Healthcare Investors, the REIT’s co-sponsor.
Universal Properties FPMC was represented by Rich Deptula and Todd Hawley of Friedman Integrated Real Estate Solutions. Griffin-American IV financed the acquisition using cash on hand, borrowings under its revolving line of credit with Bank of America and Keybank and the assumption of an existing mortgage loan. With its latest acquisition, the REIT’s portfolio now totals 2.7 million square feet.
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