BATTLE CREEK — A Los Angeles-based real estate investment trust (REIT) with a focus on health care facilities has acquired a Battle Creek medical office building.
American Health Care Investors LLC and Griffin Capital Company LLC — the cosponsors of Griffin-American Health Care REIT lV Inc. — purchased the 46,000-square-foot Battle Creek Medical Office Building located 3600 Capital Ave., according to a statement.
The multi-tenant building situated on 7.34 acres of land stands at approximately 97-percent occupied and is anchored by Ambulatory Surgery Associates LLC, which does business as Brookside Surgery Center.
The outpatient surgery provider recently signed a new lease and and occupies about 14,000 square feet in the building, according to the statement.
“This is an attractive acquisition that expands the Griffin-American Healthcare REIT IV portfolio and extends our reach in the state of Michigan,” Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV, said in a statement. “The property holds a Certificate of Need for Brookside Surgery Center and is in close proximity to Bronson Hospital Battle Creek and Borgess Health Park, which both may help to ensure the long-term stability of the investment.”
The company financed the acquisition with cash on hand. Terms of the deal were not disclosed.