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This summer, Newport Beach, CA-based American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT II Inc., paid $106.7 million for 14 medical office buildings throughout the nation. Danny Prosky, a principal of American and president and chief operating officer of the REIT, said at the time of the deal that the firm continues to grow the portfolio and that most of those assets are on the campus of, in close proximity to or strongly affiliated with, major healthcare systems, a characteristic the firm values when evaluating potential purchases.

Hospitals have typically sold and leased back some of their on-campus properties to large healthcare REITs like Griffin-American, and those deals usually occur when there is a major expansion or the need for working capital in this tight credit market, points out Stephen Dok, a vice president in Voit Real Estate Services' healthcare properties group. But lately, he says, it seems everyone wants a piece of this property sector.

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