SANTA ANA, Calif., Jan. 9 /PRNewswire/ -- Grubb & Ellis Healthcare REIT,
Inc. today announced the acquisition of Marietta Health Park, a four-story
medical office building in the Atlanta suburb of Marietta. The acquisition
closed in December 2008.
Located at 780 Canton Road, Marietta Health Park consists of approximately
81,000 square feet of gross leaseable area. Built in 2000 on approximately
5.7 acres of land, the property is adjacent to WellStar Kennestone Hospital, a
full-service 633-bed medical facility. The property is approximately 89
percent occupied and is within close proximity to Highway 41 and State Route
5.
"Marietta Health Park enjoys a stable tenant base and is within close
proximity to a major area hospital, both attractive qualities under our
acquisition criterion," said Scott D. Peters, president and chief executive
officer, Grubb & Ellis Healthcare REIT.
Marietta Health Park is host to multiple tenants, including Marietta
Surgical Center, a free-standing ambulatory surgery center specializing in
outpatient surgical and diagnostic procedures that occupies approximately 40
percent of the building. The surgical center's space accommodates six large
surgical suites and four specialty procedure rooms including stereotactic
breast, pain and gastrointestinal rooms.
The property was acquired from Marietta Medical Park LLC, a Delaware
limited liability company represented by Lori Schneider and David Gant of
Marcus & Millichap Real Estate Investment Services. Grubb & Ellis Healthcare
REIT primarily financed this acquisition with cash on hand and debt
assumption.
About Grubb & Ellis Healthcare REIT
Grubb & Ellis Healthcare REIT, Inc. is a publicly registered, non-traded
real estate investment trust which offers a monthly distribution of 7.25
percent per annum.
As of December 19, 2008, Grubb & Ellis Healthcare REIT has sold
approximately 72 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $720
million through its initial public offering, which began in the third quarter
of 2006. The REIT is conducting a best efforts offering of up to 200,000,000
shares of its common stock.
Grubb & Ellis Healthcare REIT has made 42 geographically diverse property
acquisitions and other real estate-related investments valued at approximately
$966.4 million based on purchase price, which includes 129 buildings, as of
December 31, 2008. The REIT's property portfolio totals 5.1 million square
feet, and includes 110 medical office buildings, four hospitals, 12 skilled
nursing and assisted living facilities and three other office buildings
located in 17 states, including: Arizona, California, Colorado, Florida,
Georgia, Indiana, Kansas, Minnesota, Missouri, New Hampshire, Ohio, Oklahoma,
Pennsylvania, Tennessee, Texas, Utah and Virginia.
About Grubb & Ellis Company
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
September 30, 2008, more than $3.8 billion in investor equity has been raised
for these investment programs. The company and its subsidiaries currently
manage a growing portfolio of more than 225 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 tenant base of Marietta Health Park and the value of Marietta
Health Park's close proximity to a major area hospital. 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: the strength and
financial condition of each tenant; uncertainties relating to the local
Marietta, Georgia economy; the strength and financial condition of WellStar
Kennestone Hospital; uncertainties relating to changes in general economic and
real estate conditions; uncertainties regarding changes in the healthcare
industry; 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.
