Grubb & Ellis Healthcare REIT Acquires Mountain Plains Portfoli... ( SANTA ANA Calif. Jan. 9 /- Grubb ...)

Grubb & Ellis Healthcare REIT Acquires Mountain Plains Portfolio in Texas

Date:1/9/2009

SANTA ANA, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Grubb & Ellis Healthcare REIT, Inc. today announced the acquisition of Mountain Plains Portfolio, a two-property medical office building portfolio in San Antonio and the Houston suburb of Webster for $43 million. The acquisition closed in December 2008.

Located at 4243 E. Southcross Blvd. in San Antonio, Pecan Valley Medical Office Building consists of approximately 60,000 square feet of gross leaseable area. The two-story building is situated on approximately 3.1 acres of land and includes surgery rooms, an indoor rehabilitation pool and an imaging center. The medical office building is across the street from Southeast Baptist Hospital, a member of Baptist Health System, a private network of hospitals including four additional locations in San Antonio totaling approximately 1,537 beds. Built in 1998, Pecan Valley Medical Office Building is in close proximity to State Route 13 and is currently 100 percent occupied.

Built in 2006, Clear Lake Medical Office Building is located at 250 Blossom St. in Webster. Situated on approximately 4.7 acres of land, the four-story building consists of approximately 110,000 square feet of gross leaseable area and is currently 100 percent occupied. The property is across the street from Clear Lake Regional Medical Center, a 595-bed tertiary regional referral center offering comprehensive inpatient and outpatient medical, surgical and specialty services. Additionally, Clear Lake Medical Office Building is adjacent Triumph Hospital Clear Lake, a long-term acute care center with 100 private rooms and 14 intensive care unit rooms.

"With the addition of these two assets, Grubb & Ellis Healthcare REIT completed 21 healthcare acquisitions in 15 states in 2008," said Scott Peters, president and chief executive officer, Grubb & Ellis Healthcare REIT. "We continue to grow and build our portfolio fo
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Grubb & Ellis Healthcare REIT Acquires Mountain Plains Portfoli...( SANTA ANA Calif. Jan. 9 /- Grubb ...),Health