Global Medical REIT Closes Ohio MOB Portfolio Acquisition
Global Medical REIT Inc. completed the acquisition of the Belpre Medical Office Portfolio in Belpre, OH for an aggregate purchase price of $64.2 million. The Bethesda, MD-based company assumed the seller’s interest, as lessor, in four leases with Marietta Memorial Hospital, a subsidiary of the Memorial Health System.
The leases on the Belpre Portfolio are triple-net leases with a weighted average remaining lease term of approximately 11.35 years, each subject to three, five-year renewal options by the tenant. The portfolio includes: – Building I – current annual rent of roughly $1.2 million – Building II – current annual rent of roughly $0.6 million – Building III – current annual rent of roughly $0.8 million – Building IV – current annual rent of roughly $2.5 million
The initial capitalization rate for the property is approximately 7.9%. The acquisition of the Belpre Portfolio brings Global Medical REIT’s overall gross portfolio size to roughly $600 million.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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