SANTA ANA, Calif., July 3 /PRNewswire/ -- Grubb & Ellis Healthcare
REIT, Inc. today announced it has completed its acquisition of Senior Care
Portfolio 1 with the addition of two skilled nursing facilities in
California. The portfolio is comprised of an aggregate of six properties,
including four in Texas, the acquisition of which closed in March 2008.
Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Blvd., in
Lomita, each of the California properties comprises one single-story
skilled nursing facility. The two properties total approximately 71,000
square feet of gross leasable area and are 100 percent leased to North
American Healthcare. In total, the California properties include 219
licensed patient beds.
"These two properties complete the addition of Senior Care Portfolio 1
to the Grubb & Ellis Healthcare REIT portfolio," said Danny Prosky,
Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT.
"With these assets, the REIT continues to diversify its quickly expanding
portfolio."
The two California properties of Senior Care Portfolio 1 were acquired
from HCP, Inc. (NYSE: HCP). Grubb & Ellis Healthcare REIT financed this
acquisition through an unsecured note from an affiliate and cash on hand.
As of June 20, 2008, Grubb & Ellis Healthcare REIT has sold
approximately 37.4 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $374
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 30, 2008, has made 36
geographically-diverse acquisitions for a total of 109 buildings valued at
approximately $790 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 and diversity 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 California; the strengths and financial
condition of Senior Care Portfolio 1; 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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