The board of Grubb & Ellis Healthcare REIT II, Inc. announced last week that its management structure will be transitioning away from Grubb & Ellis Company and its affiliates, and will now be co-sponsored by American Healthcare Investors, LLC and Griffin Capital Corporation.
The independent members of the board of directors for the health care REIT made the announcement of a 60-day transition period during which Grubb & Ellis will continue to carry out responsibilities as the existing advisory and dealer-management arrangements.
The board intends to change the REIT’s name to “Griffin-American Healthcare Trust, Inc.” as a result of the transaction.
American Healthcare Investors is a Newport Beach-based real estate investment management company formed and majority owned and controlled by Jeff Hanson, chairman and CEO of the REIT, who is also one of its largest individual investors. The REIT’s president, Danny Prosky, is the COO and a member of the board of directors; both Hanson and Prosky have served in these senior roles since the launch of the REIT in 2009, and will continue to do so, according to a statement.
Griffin Capital Corporation, based in Los Angeles, is a privately-owned real estate company with a 16-year track record of sponsoring real estate investment vehicles, including public non-traded REITs, and managing institutional capital. Griffin has acquired or constructed over 11 million square feet since 1996, and currently manages a portfolio of more than 8.5 million square feet located in 13 states and representing approximately $1 billion in asset value. It is the sponsor of Griffin Capital Net Lease REIT, Inc., a publicly registered, non-traded REIT.
Along with its new sponsorship, the REIT has appointed Griffin Capital Securities, Inc. as replacement dealer-manager for the REIT’s on-going public offering.
“Our board selected Griffin Capital due to our shared institutional mindset and approach to building non-traded REITs that embrace an investor-first philosophy,” said Hanson in a statement. “This new co-sponsorship with American Healthcare Investors and Griffin Capital will provide our REIT with the resources necessary to maintain its impressive growth and performance while empowering the management team to continue to pursue our established vision for the REIT.”
To date, the health care REIT has made 24 acquisitions comprised of 55 building valued at approximately $430.8 million, based on purchase price in the aggregate, and has a skilled nursing portfolio valued at approximately $166 million under contract.
Written by Alyssa Gerace