Navigation Links
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 utilization of its line of credit.

As of August 29, 2008, Grubb & Ellis Healthcare REIT has sold approximately 49.8 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $497.5 million through its initial public offering, which began in the third quarter of 2006.

Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent per annum and, as of September 16, 2008, has made 37 geographically diverse acquisitions totaling 111 buildings valued at approximately $820 million, based on purchase price.

About Grubb & Ellis

Grubb & Ellis Company (NYSE: GBE), one of the largest and most respected commercial real estate services companies, is the sponsor of Grubb & Ellis Healthcare REIT, Inc. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.

Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax- deferred 1031 tenant-in-common (TIC) exchanges, public non-traded real estate investment trusts (REITs) and real estate investment funds. As of June 30, 2008, more than $3.6 billion in investor equity has been raised for these investment programs. The Company and its subsidiaries currently manage a growing portfolio of more than 218 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation's Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit http://www.grubb-ellis.com.

FORWARD-LOOKING LANGUAGE

This press release contains certain forward-looking statements with respect to the attractiveness that the property adds to the Grubb & Ellis Healthcare REIT portfolio, the patient volume of the Deaconess Hospital campus, and the potential of the portfolio's assets to produce current income. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties regarding changes in the healthcare industry; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the local economy and demand for healthcare related services in the greater Oklahoma City area; the strengths and financial condition of the Oklahoma City Medical Portfolio and Deaconess Hospital; the uncertainties relating to the implementation of our real estate investment strategy; and other risk factors as outlined in the company's prospectus, as amended from time to time, and as detailed from time to time in our periodic reports, as filed with the Securities and Exchange Commission.


'/>"/>
SOURCE Grubb & Ellis Healthcare REIT, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Grubb & Ellis Healthcare REIT Increases Line of Credit With LaSalle Bank to $80 Million
2. Grubb & Ellis Healthcare REIT Acquires Chesterfield Rehabilitation Center in Chesterfield, Missouri in a Joint Venture with Duke Realty
3. Grubb & Ellis Healthcare REIT Acquires Park Place Office Park in Dayton, Ohio
4. Grubb & Ellis Healthcare REIT Acquires Medical Portfolio 1
5. Grubb & Ellis Healthcare REIT Acquires Fort Road Medical Building in St. Paul, Minnesota
6. Grubb & Ellis Healthcare REIT Acquires Liberty Falls Medical Plaza in Liberty Township, Ohio
7. Grubb & Ellis Healthcare REIT Acquires Epler Parke Building B in Indianapolis
8. Grubb & Ellis Healthcare REIT Acquires Cypress Station Medical Office Building in Houston
9. Grubb & Ellis Healthcare REIT Acquires Vista Professional Center in Lakeland, Fla.
10. Aging Baby Boomers Will Drive Demand for Healthcare Properties Over Next Decade, Grubb & Ellis Report Reveals
11. Grubb & Ellis Healthcare REIT Names Danny Prosky Executive Vice President, Acquisitions
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. Calvin Johnson ... Recently, he has implemented orthobiologic procedures as a method for treating his patients. ... the first doctors to perform the treatment. Orthobiologics are substances that orthopaedic surgeons ...
(Date:6/24/2016)... ... 2016 , ... A recent article published June 14 on E ... goes on to state that individuals are now more comfortable seeking to undergo not ... as calf and cheek reduction. The Los Angeles area medical group, Beverly Hills Physicians ...
(Date:6/24/2016)... ... 2016 , ... Marcy was in a crisis. Her son James, eight, was out of control. ... and physically. , “When something upset him, he couldn’t control his emotions,” remembers Marcy. ... rocks at my other children and say he was going to kill them. If ...
(Date:6/24/2016)... Francisco, CA (PRWEB) , ... June 24, 2016 ... ... CitiDent, is now offering micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has extensive ... self-ligating Damon brackets , AcceleDent, and accelerated osteogenic orthodontics. , Micro-osteoperforation ...
(Date:6/24/2016)... , ... June 24, 2016 , ... People across the ... Genome magazine’s Code Talker Award, an essay contest in which patients and their families ... to be presented at the 2016 National Society of Genetic Counselors (NSGC) Annual Education ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... June 23, 2016 Research and Markets ... Market - Forecast to 2022" report to their offering. ... method for the patients with kidney failure, it replaces the ... from the patient,s blood and thus the treatment helps to ... chloride in balance. Increasing number of ESRD ...
(Date:6/23/2016)... , June 23, 2016 Roche (SIX: RO, ... clearance for its Elecsys BRAHMS PCT (procalcitonin) assay as ... or septic shock. With this clearance, Roche is the ... fully integrated solution for sepsis risk assessment and management. ... bacterial infection and PCT levels in blood can aid ...
(Date:6/23/2016)... Bracket , a leading clinical trial technology and specialty ... Bracket eCOA (SM) 6.0, at the 52 nd ... in Philadelphia , Pennsylvania.  A demonstration of ... its kind to fully integrate with RTSM, will be held ... a flexible platform for electronic clinical outcomes assessments that is ...
Breaking Medicine Technology: