{"id":1004036206,"date":"2012-02-02T06:12:06","date_gmt":"2012-02-02T14:12:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036206"},"modified":"2022-12-02T09:17:47","modified_gmt":"2022-12-02T17:17:47","slug":"westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/","title":{"rendered":"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities"},"content":{"rendered":"

February 2, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

It\u2019s seen a flurry of activity in just a few months of its existence. Yesterday, Griffin-American Healthcare REIT II picked up $166.5 million worth of commercial real estate from the partnership of Westport Capital Partners and Reichmann International Development Co. in the form of ten skilled-nursing facilities across the Southwest.<\/p>\n

Affiliates of Westport will continue to operate the facilities, and entered into a master lease with an initial term of 15 years with Griffin-American after the deal was struck. The portfolio features 1,364 beds in the ten facilities.<\/p>\n

Just two weeks ago, Griffin-American spent $174 million on 11 facilities<\/a> \u2013 ten skilled-nursing centers and one medical-office building \u2013 that totaled approximately 454,000 square feet. \u201cDemand for healthcare services will only increase in the future,\u201d Griffin-American CEO & president Danny Prosky told Commercial Property Executive<\/em>. \u201cAs Baby Boomers continue to turn 65 over the next 18 years, and along with the general aging of the population, we\u2019re bullish on growth and demand for the sector.\u201d<\/p>\n

In early December, amid its spinoff from former owner Grubb & Ellis Co., the healthcare REIT purchased an eight-property medical-office portfolio for $112 million<\/a>. After that transaction, Prosky mentioned that, under his leadership, Griffin-American would be \u201caggressively acquiring quality, income-generating healthcare properties throughout the country and expects to own a portfolio of 73 buildings valued at nearly $710 million \u2026 in the next few months.\u201d<\/p>\n

Westport saw the sale as a win for its balance sheet. Russel Bernard, managing principal with the firm, noted that Westport grew the company\u2019s operating income by a double-digit compounded growth rate for the first time since 2007. \u201cThe team was able to achieve this performance by repositioning the assts, driving improved occupancy and concentrating on census mix,\u201d he said. \u201cWe are very pleased with the outcome of this transaction.\u201d<\/p>\n

Westport and RIDC have held a majority interest in the Westport portfolio since 2007.<\/p>\n","protected":false},"excerpt":{"rendered":"

Griffin-American Healthcare REIT II picked up $166.5 million worth of commercial real estate from the partnership of Westport Capital Partners and Reichmann International Development in the form of 10 skilled-nursing facilities across the Southwest.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21783,21754,21742,21747,37776,37777,37778],"tags":[],"class_list":["post-1004036206","post","type-post","status-publish","format-standard","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-investment","category-medical-office","category-latest","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"\nGriffin-American Snaps Up $167M in Skilled-Nursing Facilities - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities\" \/>\n<meta property=\"og:description\" content=\"Griffin-American Healthcare REIT II picked up $166.5 million worth of commercial real estate from the partnership of Westport Capital Partners and Reichmann International Development in the form of 10 skilled-nursing facilities across the Southwest.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-02T14:12:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-02T17:17:47+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities\",\"datePublished\":\"2012-02-02T14:12:06+00:00\",\"dateModified\":\"2022-12-02T17:17:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/\"},\"wordCount\":313,\"commentCount\":0,\"articleSection\":[\"Dividend Yield\",\"Forward AFFO Payout Ratios\",\"Investment\",\"Medical Office\",\"News\",\"Office\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/\",\"name\":\"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2012-02-02T14:12:06+00:00\",\"dateModified\":\"2022-12-02T17:17:47+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\",\"name\":\"Nicholas Ziegler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"caption\":\"Nicholas Ziegler\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/nicholasziegler\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/","og_locale":"en_US","og_type":"article","og_title":"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities","og_description":"Griffin-American Healthcare REIT II picked up $166.5 million worth of commercial real estate from the partnership of Westport Capital Partners and Reichmann International Development in the form of 10 skilled-nursing facilities across the Southwest.","og_url":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-02-02T14:12:06+00:00","article_modified_time":"2022-12-02T17:17:47+00:00","author":"Nicholas Ziegler","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/"},"author":{"name":"Nicholas Ziegler","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"headline":"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities","datePublished":"2012-02-02T14:12:06+00:00","dateModified":"2022-12-02T17:17:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/"},"wordCount":313,"commentCount":0,"articleSection":["Dividend Yield","Forward AFFO Payout Ratios","Investment","Medical Office","News","Office","Premium\/Discount to NAV","Price\/LTM FFO","Total Return"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/","url":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/","name":"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2012-02-02T14:12:06+00:00","dateModified":"2022-12-02T17:17:47+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/westport-ridc-sell-ten-medical-buildings-to-griffin-american-for-167m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Griffin-American Snaps Up $167M in Skilled-Nursing Facilities"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c","name":"Nicholas Ziegler","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","caption":"Nicholas Ziegler"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/nicholasziegler\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004036206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1201"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004036206"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004036206\/revisions"}],"predecessor-version":[{"id":1004627647,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004036206\/revisions\/1004627647"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004036206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004036206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004036206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}