SANTA ANA, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Grubb & Ellis
Healthcare REIT, Inc. today announced the acquisition of Oklahoma City
Medical Portfolio, comprising two medical office buildings in Oklahoma
City. Located at 5401 and 5701 N. Portland, the buildings are situated on
the Deaconess Hospital campus.
"These buildings are positioned in an excellent location on a busy
hospital campus, making them particularly attractive additions to the Grubb
& Ellis Healthcare REIT portfolio," said Danny Prosky, Executive Vice
President of Acquisitions for Grubb & Ellis Healthcare REIT. "This
acquisition ideally corresponds with our overall investment strategy, which
is to invest in a geographically diversified portfolio of
healthcare-related real estate, focusing primarily on investments that
produce current income."
Built in 1991 on roughly 0.70 acres, 5701 N. Portland is a three-story
building that offers approximately 61,000 square feet of gross leaseable
area. The building is connected to Deaconess Hospital via an underground
tunnel and is 86 percent leased to 17 tenants.
Additionally, 5401 N. Portland is a six-story building that offers
approximately 126,000 square feet of gross leaseable area and is physically
attached to the Deaconess Hospital building. Built in 1996 and expanded in
2007, the building is situated on approximately 1.2 acres of land and is 96
percent leased to 16 tenants.
Deaconess Hospital is a 313-bed facility accredited by the Joint
Commission on Accreditation of Healthcare Organizations. With a staff of
629 physicians and 1,400 employees, Deaconess offers various medical
services, including outpatient surgery, nutrition services, oncology and an
emergency department.
Oklahoma City Medical Portfolio was acquired from Deaconess Portland
MOB Limited Partnership, represented by Toby Scrivner and Jeff Matulis with
Stan Johnson Company. Grubb & Ellis Healthcare REIT primarily financed this
acquisition through utilization of its line of credit.
As of August 29, 2008, Grubb & Ellis Healthcare REIT has sold
approximately 49.8 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $497.5
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 September 16, 2008, has made 37 geographically
diverse acquisitions totaling 111 buildings valued at approximately $820
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 June 30, 2008, more than $3.6 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 attractiveness that the property adds to the Grubb & Ellis
Healthcare REIT portfolio, the patient volume of the Deaconess Hospital
campus, and the potential of the portfolio's assets to produce current
income. 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 Oklahoma City area; the strengths and financial condition of
the Oklahoma City Medical Portfolio and Deaconess 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/
CONTACT:
Julia McCartney, +1-714-975-2230,
julia.mccartney@grubb-ellis.com, or Damon Elder, +1-714-975-2659,
damon.elder@grubb-ellis.com, both for Grubb & Ellis Healthcare
REIT, Inc.
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