Grubb & Ellis Healthcare REIT Signs Agreement to Purchase 16 Building Medical Office...( SCOTTSDALE Ariz. Ju...),Health

SCOTTSDALE, Ariz., July 15 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. (to be renamed Healthcare Trust of America, Inc.) (the "REIT"), a self-managed non-traded real estate investment trust announced the execution of a purchase and sale agreement (the "Agreement") to acquire a 16 building portfolio from Greenville Hospital System ("GHS") based in Greenville, South Carolina. The transaction involves approximately 855,000 square feet of medical office and related space. The approximate purchase price is $161,630,000. GHS is one of the largest healthcare services providers in South Carolina and has approximately 70% of the market share in its primary service area. Approximately 90% of the portfolio's square footage is located on or adjacent to four of GHS's five hospital campuses, and GHS will continue to occupy approximately 83% of the portfolio under a long-term lease arrangement. The acquisition of the portfolio is contingent upon the satisfaction of a number of conditions contained in the Agreement. GHS holds an "AA" credit rating from Fitch Ratings, a leading global ratings agency.

"This acquisition is a significant step in the execution of our investment philosophy, which is to focus on market driven transactions and strategic relationships with strong hospital providers and major healthcare systems. We are proud to enter into a strategic partnership with GHS," said Scott D. Peters, chief executive officer and president of the REIT. "This major transaction is part of a strategic long term relationship. It provides us with high quality performing assets, and in addition provides us with the opportunity to develop and/or acquire additional medical buildings as Greenville expands its first class health system. With our strong balance sheet, this is exactly the type of opportunity we seek in this economic environment"

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