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Thursday, 10 January 2019

Griffin-American Makes $165Mln of Property Investments

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Griffin-American Healthcare REIT IV Inc. in recent weeks has invested nearly $165 million, buying 12 seniors and medical-office buildings in five states and a small stake in a venture that owns seniors properties.

Its largest deal was its $70 million purchase of a portfolio of six seniors properties with 302 units in Michigan from Vista Springs Assisted Living of Grand Rapids, Mich., which will continue to operate them under leases that run through 2033. Vista will pay $3.8 million in annual rent.

The properties are all branded Vista Springs. Two are in Grand Rapids and the rest are in Holland, Lansing, Howell and Wyoming, Mich.

Griffin-American IV, an Irvine, Calif., REIT whose shares do not trade on any exchange, also paid $48 million for a 6 percent stake in a venture that owns 96.4 percent of Trilogy Investors LLC, the parent company of Trilogy Health Services LLC. Trilogy operates health-care properties in Indiana, Ohio, Michigan and Kentucky. Griffin-American Healthcare REIT III Inc. in 2015 had acquired a 70 percent stake in the company for $1.125 billion through a venture with NorthStar Healthcare Income.

The remaining buildings that Griffin-American IV bought during the quarter include the 57,000-sf Modesto Medical Office Building at 1541 Florida Ave. in Modesto, Calif., for which it paid $16 million, or $280.70/sf, from Cypress West Partners of Rancho Santa Margarita, Calif. The three-story building is 92 percent leased, with most of the space occupied by First California Physicians Partners under an agreement that expires in 2030.

The REIT also bought the 22,000-sf medical-office building at 15906 Mill Creek Blvd. in Mill Creek, Wash., for $8.25 million; the 45,000-sf 600 Professional Drive medical-office building in Lawrenceville, Ga., for $10.3 million; the 33,000-sf medical office at 1670 Scott Blvd. in Decatur, Ga., for $11.6 million, and two medical office buildings - 1 Wescott Drive and 6 Sand Hill Road - with 49,000 sf in Flemington, N.J.

Griffin-American IV owns 69 medical-office buildings, seniors-housing facilities and skilled-nursing facilities in 21 states.

Comments? E-mail Jim Boyle, or call him at (267) 247-0114.



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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