{"id":1004246450,"date":"2018-08-01T04:10:11","date_gmt":"2018-08-01T12:10:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004246450"},"modified":"2022-12-08T00:31:13","modified_gmt":"2022-12-08T08:31:13","slug":"griffin-american-reit-buys-24m-mob-in-seattle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/griffin-american-reit-buys-24m-mob-in-seattle\/","title":{"rendered":"Griffin-American REIT Buys $24M MOB in Seattle"},"content":{"rendered":"<p>By Alex Ciorogar<\/p>\n<div id=\"attachment_1004246459\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004246459\" data-attachment-id=\"1004246459\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/griffin-american-reit-buys-24m-mob-in-seattle\/1-17\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Alexandru Ciorogar&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1533132635&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Edmonds Medical Office Building\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Edmonds Medical Office Building&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg?w=800\" class=\"wp-image-1004246459 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg\" alt=\"Edmonds Medical Office Building\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/1.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004246459\" class=\"wp-caption-text\">Edmonds Medical Office Building<\/p><\/div>\n<p>Griffin-American Healthcare REIT IV Inc.\u2014backed up by American Healthcare Investors and Griffin Capital Co.\u2014has purchased Edmonds Medical Office Building, a 55,000-square-foot health facility in Edmonds, Wash., for $23.5 million. The REIT financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America and Keybank.&nbsp;<\/p>\n<p>Located within a thriving medical corridor in Greater Seattle, the property provides easy access to Pacific Highway, 216<span style=\"font-size: 12.75px;height: 0px;line-height: 0;vertical-align: baseline\">th<\/span>&nbsp;Street S.W, 212<span style=\"font-size: 12.75px;height: 0px;line-height: 0;vertical-align: baseline\">th<\/span>&nbsp;Street S.W. and 220<span style=\"font-size: 12.75px;height: 0px;line-height: 0;vertical-align: baseline\">th<\/span>&nbsp;Street S.W. Swedish Edmonds, a 217-bed hospital campus, is also nearby. Built in 1991, the building was completely renovated in 2007 and extended by 14,000 square feet.<\/p>\n<p>The property was fully leased at the time of the sale to some of the largest health systems in the region: Virginia Mason Health System\u2014which occupies approximately 60 percent of the building\u2014and Swedish Health Services, a member of Providence St. Joseph Health, which leases roughly 12 percent of the property.<\/p>\n<p><em>\u201cThe building is in close proximity to one of the area\u2019s busiest hospitals and enjoys a healthy average remaining lease term of approximately eight years,\u201d&nbsp;<\/em>said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV, in a prepared statement.&nbsp;<\/p>\n<p>CBRE Vice Chairmen Chris Bodnar and Lee Asher represented the seller, an&nbsp;unaffiliated third party. Recently, the REIT also&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-12m-phoenix-mob\/\">acquired Surprise&nbsp;Medical Office Building<\/a>, a Class A facility that is part of a 756-acre master-planned community in the Northwest Valley of Phoenix.<\/p>\n<p><em>Image via Google Earth&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Virginia Mason Health System and Swedish Health Services are among the tenants of the 1991-built property. The buyer financed the acquisition using cash on hand and borrowings. <\/p>\n","protected":false},"author":928,"featured_media":1004246459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21754,11,21742,1610],"tags":[33076,33250,32789,33077,32937],"class_list":["post-1004246450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-medical-office","category-midatlantic","category-latest","category-seattle","tag-american-healthcare-investors","tag-bank-of-america","tag-cbre","tag-griffin-american-healthcare-reit-iv","tag-keybank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Griffin-American REIT Buys $24M MOB in Seattle - 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\/griffin-american-reit-buys-24m-mob-in-seattle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Griffin-American REIT Buys $24M MOB in Seattle\" \/>\n<meta property=\"og:description\" content=\"Virginia Mason Health System and Swedish Health Services are among the tenants of the 1991-built property. 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