SANTA ANA, Calif., March 31, 2008 /PRNewswire/ -- Grubb & Ellis
Healthcare REIT, Inc. today announced the acquisition of Cypress Station
Medical Office Building in Houston.
Located at 1140 Cypress Station, the structure is a newly renovated,
three-story multi-tenant medical office building. Built on approximately
2.6 acres, Cypress Station Medical Office Building consists of
approximately 54,000 square feet of gross leaseable area and includes
on-site training and conference rooms, a full-service lunch area, an
independent back-up generator and 272 parking spaces. The property is 100
percent leased and offers easy access to nearby FM 1960 and Interstate 75.
"Cypress Station Medical Office Building is adjacent to Houston
Northwest Medical Center, one of the largest providers of healthcare
services in the North Houston area," said Danny Prosky, Vice President,
Acquisitions, Grubb & Ellis Healthcare REIT. "The property is within four
blocks of Triumph Hospital Northwest, also owned by Grubb & Ellis
Healthcare REIT. The close proximity to these hospitals is an attractive
factor in our acquisition selection process."
The Triumph Hospital Northwest building was acquired by Grubb & Ellis
Healthcare REIT in June 2007 as part of the Triumph Hospital Portfolio.
Triumph Hospital Northwest is a single-story 114-bed licensed long-term
acute care center.
Houston Northwest Medical Center, a 430-bed hospital, offers
comprehensive patient care, including orthopedic, rehabilitation, surgical
and cardiovascular services.
Houston Northwest Medical Center has received numerous awards from
HealthGrades, the nation's leading independent healthcare rating company.
Some of these awards include the 2008
HealthGrades Stroke Care Excellence Award, General Surgery Excellence
Award, Maternity Care Excellence Award and for three consecutive years, the
Gastrointestinal Care Excellence Award. HealthGrades has awarded the
hospital a five star rating for back and neck surgery and overall pulmonary
services. It has also been designated a Bariatric Surgery Center of
Excellence by the American Society for Metabolic and Bariatric Surgery.
Financing for the acquisition was primarily provided by National City
Bank.
As of March 21, 2008, Grubb & Ellis Healthcare REIT has sold
approximately 26.9 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $268
million through its initial public offering, which began in the third
quarter of 2006.
Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25
percent annum and as of March 26, 2008, has made 25 geographically-diverse
acquisitions with a total portfolio valued at approximately $479 million.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE), one of the largest and most
respected commercial real estate services companies, is the sponsor of
Grubb & Ellis Healthcare REIT, Inc. With more than 130 owned and affiliate
offices worldwide, Grubb & Ellis offers property owners, corporate
occupants and investors comprehensive integrated real estate solutions,
including transaction, management, consulting and investment advisory
services supported by proprietary market research and extensive local
market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate
investment programs that provide individuals and institutions the
opportunity to invest in a broad range of real estate investment vehicles,
including tax- deferred 1031 tenant-in-common (TIC) exchanges, public
non-traded real estate investment trusts (REITs) and real estate investment
funds. As of December 31, 2007, nearly $3 billion in investor equity has
been raised for these investment programs. The company and its subsidiaries
currently manage a growing portfolio of more than 216 million square feet
of real estate. In 2007, Grubb & Ellis was selected from among 15,000
vendors as Microsoft Corporation's Vendor of the Year. For more information
regarding Grubb & Ellis Company, please visit http://www.grubb-ellis.com.
SOURCE Grubb & Ellis Healthcare REIT, Inc.
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CONTACT:
Julia McCartney, 714.667.8252, ext. 230,
julia.mccartney@grubb-ellis.com
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