SANTA ANA, Calif., March 25 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. today announced the acquisition of Liberty Falls Medical Plaza in the Cincinnati suburb of Liberty Township, Ohio.
Newly constructed in 2008, Liberty Falls Medical Plaza is a two-story medical office building consisting of approximately 44,000 square feet of gross leaseable area. The medical office building is 91 percent leased. Financing was primarily provided by LaSalle Bank N.A. and KeyBank N.A.
Located at 6770 Cincinnati-Dayton Road, Liberty Falls Medical Plaza is in close proximity to State Route 129 and Interstate 75.
Liberty Falls Medical Plaza is adjacent to Cincinnati Children's Liberty Campus, an outpatient pediatric facility of Cincinnati Children's Hospital Medical Center, which is currently under construction on an approximately 65 acre parcel.
"Liberty Falls Medical Plaza was specifically built to service nearby medical campuses," explained Danny Prosky, vice president of acquisitions for Grubb & Ellis Healthcare REIT. "Close proximity to a major medical campus is highly desirable for medical office buildings, making this acquisition a valuable addition to the Grubb & Ellis Healthcare Office REIT portfolio."
The 230,000-square-foot Liberty Campus is scheduled to open to the public in August 2008. The $83 million facility will be the largest outpatient center among Cincinnati Children's Hospital Medical Center's 15 locations and will include eight outpatient operating rooms, a pediatric emergency department and 12 short-stay observation beds.
Liberty Campus will feature a full range of outpatient pediatric subspecialty services and radiological capabilities; therapy services, such as occupational, physical and speech therapy; and testing services, such as laboratory, audiology, EKG, EEG, ECHO and pulmonary function tests.
As of March 14, 2008, Grubb & Ellis Healthcare REIT has sold
approximately 25.9 million shares of i
|SOURCE Grubb & Ellis Healthcare REIT, Inc.|
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