SANTA ANA, Calif., June 27 /PRNewswire/ -- Grubb & Ellis Healthcare
REIT, Inc. today announced the acquisition of Academy Medical Center, a
four-building medical office property in Tucson, Ariz. Academy Medical
Center consists of approximately 41,000 square feet of gross leaseable area
situated on approximately five acres of land. Located at 310 N. Wilmot
Road, the property offers 251 parking spaces, and is 94.5 percent leased to
various tenants, including Healthsouth Surgery, Laboratory Corporation of
America and Academy Dental Care. The site joins two other properties owned
by Grubb & Ellis Healthcare REIT in the Tucson area, Desert Life Medical
Plaza and 6261 North La Cholla Boulevard.
"Academy Medical Center is an excellent asset located in a thriving
market for medical services," said Danny Prosky, Executive Vice President
of Acquisitions for Grubb & Ellis Healthcare REIT. "The property, located
on the St. Joseph's Hospital campus, further strengthens the Grubb & Ellis
Healthcare REIT portfolio."
St. Joseph's Hospital, currently undergoing a large expansion, is a
309-bed not-for-profit facility that offers various medical services,
including robotic surgery, sports medicine and a diabetes care center.
Adjacent to Academy Medical Center is Kindred Hospital, a 51-bed facility
that provides long-term acute care.
Academy Medical Center was acquired from an unaffiliated third party
represented by Braxton Glass of E.B.S. & Associates. Financing for this
acquisition was primarily provided by Wachovia Financial Services, Inc. and
through utilization of the Grubb & Ellis Healthcare REIT line of credit.
As of June 13, 2008, Grubb & Ellis Healthcare REIT has sold
approximately 36 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $360
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 per annum and, as of June 25, 2008, has made
32 geographically diverse acquisitions valued at approximately $604
million, based on purchase price.
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 March 31, 2008, more than $3.4 billion in investor equity has
been raised for these investment programs. The company and its subsidiaries
currently manage a growing portfolio of more than 218 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.
FORWARD-LOOKING LANGUAGE
This press release contains certain forward-looking statements with
respect to the importance that the property adds to the Grubb & Ellis
Healthcare REIT portfolio. Forward-looking statements are statements that
are not descriptions of historical facts and include statements regarding
management's intentions, beliefs, expectations, plans or predictions of the
future, within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from those expressed or
implied by such forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to, the following: uncertainties
regarding changes in the healthcare industry; uncertainties relating to
changes in general economic and real estate conditions; uncertainties
relating to the local economy and demand for healthcare related services in
the greater Tucson, Arizona area; the strengths and financial condition of
Academy Medical Center, St. Joseph's Hospital and Kindred Hospital; the
uncertainties relating to the implementation of our real estate investment
strategy; and other risk factors as outlined in the company's prospectus,
as amended from time to time, and as detailed from time to time in our
periodic reports, as filed with the Securities and Exchange Commission.
SOURCE Grubb & Ellis Healthcare REIT, Inc.
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Related links:
http://www.grubb-ellis.com
http://www.prnewswire.com/comp/136726.html /
CONTACT:
Julia McCartney of Grubb & Ellis Healthcare
REIT, Inc., +1-714-667-8252, ext. 230,
julia.mccartney@grubb-ellis.com
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