October 11, 2017

REIT acquires medical office buildings in Fairfield County

A real estate investment trust has acquired two medical office buildings in Stratford and Trumbull totaling about 80,000 square feet.

Terms of the acquisition by Griffin-American Healthcare REIT IV Inc. were not announced. It financed the acquisition from Trumbull Medical Arts LLC and Stratford Medical Arts LLC using cash and debt under its revolving line of credit with Bank of America and KeyBank.

The buildings are 94.6 percent leased to 15 tenants. Affiliates of Advanced Radiology Consultants anchor the space, with about 29 percent of the leasable space, and they recently agreed to extend their leases to 2029. Other tenants include Northeast Medical Group Inc. and St. Vincent's Multispecialty Group Inc., subsidiaries of Yale New Haven Health and Ascension Health, respectively.

American Healthcare Investors and Griffin Capital Co. LLC are co-sponsors of the REIT.

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