Saint Luke's East Hospital

KANSAS CITY—As reported in GlobeSt.com, American Healthcare Investors and Griffin Capital Corp., recently decided to create another channel to acquire healthcare facilities: Griffin-American Healthcare REIT III. And much as the sponsors did when launching the second REIT, they have started out by buying smaller facilities.

The new REIT, for example, has just entered into an agreement to acquire Lee’s Summit Medical Office Building, a roughly 39,000-square-foot, multi-tenant medical office building in the affluent Kansas City suburb of Lee’s Summit, MO.

It also recently closed on the acquisition of the 37,000-square-foot Acworth Medical Complex in Acworth, GA. The trust paid about $6.5 million, or $176-per-square-foot, for that property. And, according to Real Capital Analytics, it recently entered purchase agreements for two other Georgia facilities: the 14,882-square-foot Country Club MOB in Stockbridge for $2.8 million, and the 18,786-square-foot DeKalb Professional Center in Lithonia for $2.8 million.

The newest acquisition in Lee’s Summit is still subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.

Tenants lease 89% of the space in Lee’s Summit, and include Diagnostic Imaging Centers, Saint Luke’s East Hospital and Ostetrix Medical Group. Built in 2007, the class A building is less than half-a-mile away from the 141-bed Saint Luke’s East Hospital and within 10 miles of three other area hospitals.

“Lee’s Summit Medical Office Building is a modern facility with desirable tenancy and a premier location in a growing and affluent metro region,” says Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III. “With the local hospital as a significant tenant, this building will be an excellent addition to the quickly growing portfolio of Griffin-American Healthcare REIT III.”