Grubb & Ellis Healthcare REIT Acquires Medical P... ( Portfolio consists of four medical b...)

Grubb & Ellis Healthcare REIT Acquires Medical Portfolio 1

Date:2/7/2008

Portfolio consists of four medical buildings in Florida and one in Kansas

SANTA ANA, Calif., Feb. 7 /PRNewswire-FirstCall/-- Grubb & Ellis Healthcare REIT, Inc. has acquired Medical Portfolio 1. The acquisition closed on Feb. 1, 2008.

Medical Portfolio 1 consists of five medical office buildings, Doctor's Medical Building, Largo Medical Arts, West Bay Surgery Center, Brandon Medical Plaza and Central Florida SurgiCenter. The portfolio, located in Florida and Kansas, consists of approximately 162,000 square feet of gross leasable area. The buildings are either situated on the campuses of, or affiliated with, Hospital Corporation of America (HCA), one of the largest for-profit health systems in the United States. Medical Portfolio 1 has a combined parking ratio of 6.24 spaces per 1,000 square feet and is currently 92 percent leased.

"The acquisition of Medical Portfolio 1 is very significant for Grubb & Ellis Healthcare REIT, which covets medical office buildings located on or near hospital campuses," explained Danny Prosky, vice president of acquisitions for Grubb & Ellis Healthcare REIT. "Each of the properties in this acquisition is located in close proximity to campuses of one of the nation's premier healthcare providers, HCA, which increases their value to our REIT and its growing portfolio of healthcare-related assets."

Built in 1978, Doctor's Medical Building, a five-story building totaling approximately 63,000 square feet of gross leasable area, is located on the main campus of Overland Park Regional Medical Center (OPRMC) in Overland Park, Kansas. Doctor's Medical Building is currently more than 96 percent occupied, largely by OPRMC, which occupies nearly 40,000 square feet, or 63 percent, of the building.

Largo Medical Arts Center is a four-story medical office building in Largo, Florida. Built in 1986, the property is located on the campus of Largo Medical Center (LMC) and offers approximately 33,000 square feet of gro
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SOURCE Grubb & Ellis Healthcare REIT, Inc.
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Grubb & Ellis Healthcare REIT Acquires Medical P...( Portfolio consists of four medical b...),Health