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ARC Healthcare Trust III Adds to Georgia Portfolio

American Realty Capital Healthcare Trust III Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, acquired the Philip Professional Center, comprised of two adjacent medical office buildings in the Atlanta suburb of Lawrenceville, Georgia. The property was purchased from ICM VI – Philip Centre LP, an unaffiliated third party, for an aggregate purchase price of $9 million, exclusive of closing costs.

American Realty Capital Healthcare Trust III funded the acquisition with $3.9 million in proceeds from its ongoing initial public offering and the assumption of $5.1 million in existing mortgage debt. At closing, the company paid an acquisition fee of $0.1 million to the company’s advisor, American Realty Capital Healthcare III Advisors, LLC.

The Philip Professional Center contains 31,483 rentable square feet and is nearly 94 percent leased to five tenants. The leases for Building 100 are net, where the tenants are required to pay their proportionate share of operating expenses, including all costs to maintain and repair the roof and structure of the building, while the lease for Building 200 is gross, where the rent is inclusive of operating expenses.

Last month, the company acquired another property in Georgia, the Decatur Medical Office Building located in the Atlanta suburb of Decatur. To read more, click here.

American Realty Capital Healthcare Trust III Inc. is a publicly registered, non-traded real estate investment trust which seeks to acquire a diversified portfolio of real estate properties, focusing primarily on healthcare-related assets, including medical office buildings, seniors housing and other healthcare-related facilities.