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Griffin-American Healthcare REIT IV Pays $11.7M for Surprise Medical Plaza at the City

MedAmerica Properties Sells Suburban Phoenix Medical Office Bldg.
May 8, 2018
The 34,030-square-foot Surprise Medical Plaza at the City at 13995 W. Statler Blvd. in Surprise, AZ

Irvine, CA-based Griffin-American Healthcare REIT IV purchased a 34,030-square-foot medical office building in Surprise, AZ from MedAmerica Properties. Surprise Medical Plaza at the City sold for $11.65 million, or about $342 per square foot.

The two-story building at 13995 W. Statler Blvd. is less than 28 miles from Phoenix. The property is leased to two Banner Health-affiliated tenants, Banner Medical Group and the Center for Orthopedic Research and Education.

Tracy Altemus of Ensemble Real Estate Solutions, a full-service real estate solutions and investments provider that developed the building in 2012, has been tapped to handle leasing at the 89 percent occupied building.

Griffin-American Healthcare REIT IV has acquired 2.6 million square feet comprising 44 medical office buildings, senior housing facilities and skilled nursing facilities totaling $519.9 million since its launch in 2009, according to its release.

Diana Shirek with JDS Real Estate Services represented the seller, which purchased the property in August 2017 for $8.7 million, or about $256 per square foot, according to CoStar data.

Please refer to CoStar COMPS #4241864 for additional information regarding this transaction.

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