Navigation Links
Grubb & Ellis Healthcare REIT Acquires Epler Parke Building B in Indianapolis
Date:3/28/2008

SANTA ANA, Calif., March 28 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. today announced the acquisition of Epler Parke Building B in Indianapolis.

Located at 5550 South East St., Epler Parke Building B is a single story multi-tenant medical office building consisting of approximately 34,000 square feet of gross leaseable area.

Built in 2004 on approximately four acres, the 95 percent leased property offers 196 parking spaces and is accessible by Interstates 465 and 74, as well as State Highway 31 and Highway 37.

"Epler Parke Building B's location in the expanding south Indianapolis market adds to the attractiveness of this acquisition," said Danny Prosky, Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "The property is located near Community Hospital South, one of the area's leading medical centers, and in a region where demand for healthcare services is growing. This is an ideal combination for Grubb & Ellis Healthcare REIT."

Community Hospital South recently launched a $130 million, 194,000-square- foot expansion that will include a new five-story patient tower, an expansion of the hospital's surgical services, renovation of all existing units to private room, an expanded lobby and additional outpatient services. The expansion follows the 2007 openings of Community Hospital South's new emergency department and the renovation of the on-campus Indiana Surgery Center South. According to Community Health Network, a not-for profit health system with more than 70 sites of care throughout central Indiana, which includes Community Hospital South, the expansion is in response to growing demand for medical services in the region.

Grubb & Ellis Healthcare REIT also owns Epler Parke Building I, along with Southpointe Office Park, medical buildings located just three miles south of Epler Parke Building B. According to Prosky, this regional clustering of properties should enhance stockholder value.

Epler Parke Building B was acquired utilizing the line of credit held by Grubb & Ellis Healthcare REIT.

As of March 14, 2008, Grubb & Ellis Healthcare REIT has sold approximately 25.9 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $259 million through its initial public offering. The initial public offering began in the third quarter of 2006.

Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent per annum and as of March 24, 2008, has made 24 geographically-diverse acquisitions valued at approximately $468 million.

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 December 31, 2007, nearly $3 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 216 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 growing demand for healthcare services, the importance that the property adds to the Grubb & Ellis Healthcare REIT portfolio, and the enhancement of 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 regarding changes in the healthcare industry; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the economy of the Indianapolis, Indiana area; the strengths and financial condition of Epler Parke Building B and Community Hospital South; 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.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Grubb & Ellis Healthcare REIT Increases Line of Credit With LaSalle Bank to $80 Million
2. Grubb & Ellis Healthcare REIT Acquires Chesterfield Rehabilitation Center in Chesterfield, Missouri in a Joint Venture with Duke Realty
3. Grubb & Ellis Healthcare REIT Acquires Park Place Office Park in Dayton, Ohio
4. Grubb & Ellis Healthcare REIT Acquires Medical Portfolio 1
5. Grubb & Ellis Healthcare REIT Acquires Fort Road Medical Building in St. Paul, Minnesota
6. Grubb & Ellis Healthcare REIT Acquires Liberty Falls Medical Plaza in Liberty Township, Ohio
7. QueensLander Tours Presents an Adventure Boot Camp Cruise with John Spencer Ellis from Bravos The Real Housewives of Orange County
8. AtriCure to Present at Thomas Weisel Partners 2007 Healthcare Conference
9. BD to Present at the Bear Stearns 20th Annual Healthcare Conference
10. ATS Medical to Present at the 2007 Thomas Weisel Partners Healthcare Conference
11. Dr. Paul Bandt Celebrates 35th Anniversary With Desert Radiologists and a History of Healthcare in Las Vegas
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... 2017 , ... The American Board of Family Medicine's (ABFM) Board of Directors ... Officer, succeeding Dr. James C. Puffer upon his retirement. Dr. Newton will serve in ... retirement at the end of 2018. Upon assuming the role of President and CEO ...
(Date:10/13/2017)... ... October 13, 2017 , ... PurhealthRX , a ... utilizing Purzorb™ technology. Applying the Purzorb™process to full spectrum CBD oil will revolutionize the ... a CBD form that can be easily incorporated into liquid products, while reducing costs ...
(Date:10/13/2017)... ... ... Lori R. Somekh, founder of the Law Office of Somekh & Associates ... special needs planning attorneys. “Membership in ElderCounsel helps our office remain up to date ... elder law attorneys nationwide,” said Somekh. , ElderCounsel was founded by ...
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term ... long-term care insurance companies have a waiver for care if the client has a ... when the family pays for care, is often waived, so the benefits from their ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Ellevate Network, the ... business to advocate for action towards gender equality at their inaugural Summit in New ... the globe, and reached a social audience of over 3 million. To watch the ...
Breaking Medicine News(10 mins):
(Date:10/2/2017)... , Oct. 2, 2017 The Rebound mobile app ... struggle to reverse the tide of prescription drug addiction. The ... their medicine intake and stepping down their dosage in a ... launch in December 2017; the first 100,000 people to sign ... at http://www.rebound-solution.com/ ...
(Date:9/27/2017)... and NEW YORK , Sept. 27, 2017 ... mobile health and big data solutions, today announced that its MyDario product ... check your local TV listings for when The Dr. Oz Show airs ... The ... this month. ...
(Date:9/22/2017)... , Sept. 22, 2017  As the latest ... Senators Bill Cassidy (R-LA) and Lindsey ... notes that the medical device industry is in an ... device tax, the 2.3% excise tax on medical device ... they also want covered patients, increased visits and hospital ...
Breaking Medicine Technology: