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Griffin-American Acquires Missouri Skilled Nursing Portfolio for $88.2M
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Griffin-American Healthcare REIT IV, Inc., acquired a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million. The REIT’s co-sponsors are American Healthcare Investors and Griffin Capital Company, LLC.
The portfolio is comprised of eight facilities totaling 1,112 licensed beds and roughly 385,000 square feet. The portfolio is 100% master leased to an entity affiliated with Reliant Care Management Group, L.L.C. under a 15-year absolute net lease with two 10-year renewal options. The lease includes annual rent escalators tied to the consumer price index, with a floor of 2% and a cap of 3%.
The assets were acquired from affiliates of Reliant Care Management Group, an unaffiliated third party represented by Mitchell Stern and Paul Hoffman of Dresner Partners. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America, N.A. and Keybank, National Association.
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- ◦Sale/Acquisition
