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Grubb & Ellis Healthcare REIT Acquires Senior Care Portfolio 1 in Calif.
Date:7/3/2008

SANTA ANA, Calif., July 3 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. today announced it has completed its acquisition of Senior Care Portfolio 1 with the addition of two skilled nursing facilities in California. The portfolio is comprised of an aggregate of six properties, including four in Texas, the acquisition of which closed in March 2008.

Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Blvd., in Lomita, each of the California properties comprises one single-story skilled nursing facility. The two properties total approximately 71,000 square feet of gross leasable area and are 100 percent leased to North American Healthcare. In total, the California properties include 219 licensed patient beds.

"These two properties complete the addition of Senior Care Portfolio 1 to the Grubb & Ellis Healthcare REIT portfolio," said Danny Prosky, Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "With these assets, the REIT continues to diversify its quickly expanding portfolio."

The two California properties of Senior Care Portfolio 1 were acquired from HCP, Inc. (NYSE: HCP). Grubb & Ellis Healthcare REIT financed this acquisition through an unsecured note from an affiliate and cash on hand.

As of June 20, 2008, Grubb & Ellis Healthcare REIT has sold approximately 37.4 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $374 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 June 30, 2008, has made 36 geographically-diverse acquisitions for a total of 109 buildings value
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SOURCE Grubb & Ellis Healthcare REIT, Inc.
Copyright©2008 PR Newswire.
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