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Grubb & Ellis Healthcare REIT Acquires Medical Portfolio 3 in Indianapolis
Date:7/1/2008

SANTA ANA, Calif., July 1 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. today announced the acquisition of Medical Portfolio 3, a collection of 13 healthcare-related properties comprising 20 buildings, located throughout Indianapolis.

Medical Portfolio 3 consists of approximately 689,000 square feet of gross leaseable area. The portfolio is 91 percent leased, and is primarily anchored by Clarian Health Partners, which has occupancy in nine of the 13 properties for an approximate gross leaseable area of 325,000 square feet.

Clarian Health, one of the largest healthcare providers in Indiana, is a consolidated healthcare organization that is comprised of Methodist Hospital, Indiana University Hospital and Riley Hospital for Children. The nine properties leased to Clarian Health represent the company's "Beltway Strategy," an initiative to provide a network of state-of-the-art medical facilities and services to the community in convenient locations off or near the Indianapolis beltway, Interstate 465, delivering quality care and convenience to the communities near retail, residential and commercial areas in the entire eight-county region. Most of these medical properties are anchored by outpatient centers with substantial ancillary programs such as ambulatory surgery centers, imaging centers and primary care practices.

"Clarian Health adds to the attractiveness of this acquisition because they are a high quality credit tenant that provides stability to the rent roll," said Danny Prosky, Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "This portfolio is not only located in a thriving metropolitan area, but enjoys strong occupancy as well, making this acquisition an outstanding one for the Grubb & Ellis Healthcare REIT portfolio."

Medical Portfolio 3 was acquired from HCP, Inc (NYSE:

SOURCE Grubb & Ellis Healthcare REIT, Inc.
Copyright©2008 PR Newswire.
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