Healthcare REIT III acquires Acworth Medical Complex
by MDJ staff
July 11, 2014 02:03 AM | 2538 views | 0 0 comments | 7 7 recommendations | email to a friend | print

American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III Inc., announced Wednesday the REIT has acquired Acworth Medical Complex, an about 39,000-square-foot medical office building in Acworth.

At 4769, 4791 and 4797 South Main St., Acworth Medical Complex is approximately 83-percent leased to four tenants, including Emory Specialty Associates LLC, a wholly owned subsidiary of Emory Healthcare, Northside Hospital and Eldercare Pharmacy, which in aggregate leased about 69 percent of the space through June 2020. A number of medical services are provided at the building, including pharmacological, nursing, cardiac imaging and cancer care.

Emory Healthcare, the building’s principal tenant, is the largest comprehensive health care system in Georgia, with 1,830 licensed patient beds, 9,000 employees and more than 20 health centers located throughout greater Atlanta. Emory has an Aa2 credit rating, as provided by Moody’s Corporation.

“Acworth Medical Complex is affiliated with two of Atlanta’s most prestigious hospital systems in Emory and Northside,” said Dan Prosky, a principal of American Health care Investors and president and chief operating officer of Griffin-American Healthcare REIT III. “Additionally, it is both an attractive and modern medical office building, having undergone a comprehensive renovation in 2009.”

Acworth Medical Complex was acquired from unaffiliated third party investors, represented by Spencer Coan of SK Commercial Realty. Griffin-American Healthcare REIT III financed the acquisition using cash on hand.

American Healthcare Investors is an investment management firm specializing in the acquisition and management of healthcare-related real estate, including medical office buildings, skilled nursing facilities, senior housing and hospitals. The company was founded by nationally recognized real estate investment executives Jeff Hanson, Danny Prosky and Mathieu Streiff, who have completed in excess of $18 billion in aggregate acquisition and disposition transactions during their careers, approximately $8 billion of which has been health care-related real estate transactions.

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