Will Work Closely with Grubb & Ellis Company on REIT's Growth Strategies
SANTA ANA, Calif., July 11 /PRNewswire/ -- Grubb & Ellis Healthcare
REIT, Inc. today announced that Scott D. Peters will continue to serve as
Chairman of the Board of Directors and Chief Executive Officer of Grubb &
Ellis Healthcare REIT following his resignation as Chief Executive Officer,
President and Director of Grubb & Ellis Company.
"I am excited to be able to devote a greater degree of my attention and
energy to continue the growth of the Grubb & Ellis Healthcare REIT," said
Peters. "I look forward to working with Grubb & Ellis Company as the REIT's
sponsor to further expand the nationwide network of broker-dealers that
market the Grubb & Ellis Healthcare REIT, and in maximizing stockholder
value."
Grubb & Ellis Healthcare REIT is one of the industry's fastest-growing
public non-traded REITs, according to the Stanger Report, which tracks
public non-traded REITs. As of June 20, 2008, it 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.
Approximately $117 million of this equity raise was accomplished in the
second quarter of 2008.
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 Statement
This press release contains certain forward-looking statements with
respect to the further expansion of the nationwide network of
broker-dealers that market the company's securities and the company's
ability to maximize stockholder value. 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 relating to changes in general economic, stock
market and real estate conditions; uncertainties regarding changes in the
healthcare industry; 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:
Janice McDill of Grubb & Ellis Healthcare
REIT, Inc., +1-312-698-6707, janice.mcdill@grubb-ellis.com
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