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Grubb & Ellis Healthcare REIT Acquires Oklahoma City Medical Portfolio
Date:9/22/2008

SANTA ANA, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Grubb & Ellis Healthcare REIT, Inc. today announced the acquisition of Oklahoma City Medical Portfolio, comprising two medical office buildings in Oklahoma City. Located at 5401 and 5701 N. Portland, the buildings are situated on the Deaconess Hospital campus.

"These buildings are positioned in an excellent location on a busy hospital campus, making them particularly attractive additions to the Grubb & Ellis Healthcare REIT portfolio," said Danny Prosky, Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "This acquisition ideally corresponds with our overall investment strategy, which is to invest in a geographically diversified portfolio of healthcare-related real estate, focusing primarily on investments that produce current income."

Built in 1991 on roughly 0.70 acres, 5701 N. Portland is a three-story building that offers approximately 61,000 square feet of gross leaseable area. The building is connected to Deaconess Hospital via an underground tunnel and is 86 percent leased to 17 tenants.

Additionally, 5401 N. Portland is a six-story building that offers approximately 126,000 square feet of gross leaseable area and is physically attached to the Deaconess Hospital building. Built in 1996 and expanded in 2007, the building is situated on approximately 1.2 acres of land and is 96 percent leased to 16 tenants.

Deaconess Hospital is a 313-bed facility accredited by the Joint Commission on Accreditation of Healthcare Organizations. With a staff of 629 physicians and 1,400 employees, Deaconess offers various medical services, including outpatient surgery, nutrition services, oncology and an emergency department.

Oklahoma City Medical Portfolio was acquired from Deaconess Portland MOB Limited Partnership, represented by Toby Scrivner and Jeff Matulis with Stan Johnson Company. Grubb & Ellis Healthcare REIT primarily financed this acquisition through
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SOURCE Grubb & Ellis Healthcare REIT, Inc.
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