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Grubb & Ellis Healthcare REIT Acquires Chesterfield Rehabilitation Center in Chesterfield, Missouri in a Joint Venture with Duke Realty
Date:12/28/2007

SANTA ANA, Calif., Dec. 28 /PRNewswire-FirstCall/ -- Grubb & Ellis Healthcare REIT, Inc. has entered into a joint venture with BD St. Louis Development LLC, a subsidiary of Duke Realty Corporation (NYSE: DRE) to acquire the Chesterfield Rehabilitation Center in Chesterfield, Missouri. The transaction closed on December 20, 2007.

Grubb & Ellis Healthcare REIT will maintain an 80% ownership interest in the joint venture and act as managing member while Duke Realty holds the remaining 20% interest

Chesterfield Rehabilitation Center is a 50-bed, newly constructed, three-story inpatient rehabilitation hospital in the St. Louis suburb of Chesterfield, Missouri. Built in June 2007 on more than seven acres, the 112,000-square-foot hospital offers a full range of rehabilitative services in its Outpatient Physical Therapy and Brain and Spinal Cord Injury departments. The property offers ample parking with a two-story, 90,000-square-foot parking garage that can accommodate 286 vehicles.

Chesterfield Rehabilitation Center is located five miles from the second largest hospital in the metropolitan St. Louis area, St. John's Medical Center, a 979-bed full-service hospital sited on an 80-acre campus. Chesterfield Rehabilitation Center is a replacement facility for a recently closed rehabilitation hospital on the medical center campus and is currently master leased to St. John's Mercy Rehabilitation, LLC, a joint venture between St. John's Mercy Health System and Centerre Healthcare.

St. John's Mercy Health System owns and operates St. John's Medical Center and is a member of the Sisters of Mercy Health System, the ninth-largest Catholic healthcare system in the United States with 19 hospitals in seven states. Centerre is a nati
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SOURCE Grubb & Ellis
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