Grubb & Ellis Healthcare REIT Acquires Park Place Office Park in Dayton, Ohio
December 28 2007 - 5:19PM
PR Newswire (US)
SANTA ANA, Calif., Dec. 28 /PRNewswire-FirstCall/ -- Grubb &
Ellis Healthcare REIT, Inc. has acquired Park Place Office Park in
Dayton, Ohio. The acquisition closed on December 21, 2007. Park
Place Office Park consists of three multi-tenant medical office
buildings totaling approximately 133,000 square feet on eight and a
half acres in Dayton, Ohio. Park Place I, II, and III were
constructed in 1987, 1988, and 2002, respectively, and offer
tenants a landscaped common area with a pond, water features,
benches and walking paths. The three and four-story buildings are
conveniently located across from Fraze Pavilion in Lincoln Park
with close proximity to Kettering Medical Center. The 522-bed
Kettering Medical Center, a not-for-profit regional acute care
hospital, is located one mile from Park Place Office Park.
Kettering Medical Center offers numerous medical services,
including ambulatory care, neurology, pulmonary care,
ophthalmology, and physical medicine. In addition, Kettering Breast
Evaluation Center and Kettering Sports Medicine Center are located
less than one block from Park Place Office Park. Park Place Office
Park offers ample parking with a common lot with 527 spaces. The
property is currently 87 percent leased to numerous tenants,
including Premier Integrated Medical Association, Lincoln Park
Surgery Center, and Kettering Breast Evaluation. "Park Place is a
choice addition to the Grubb & Ellis Healthcare REIT portfolio
of properties," explained Danny Prosky, vice president of
acquisitions for Grubb & Ellis Healthcare REIT. "We have
superior tenants in place and have further diversified and
strengthened our portfolio with this acquisition." Grubb &
Ellis Healthcare REIT purchased the property from Fraze
Enterprises, Inc., an unaffiliated third party, which was
represented by Mike Wenzler. Financing was primarily provided by
Wachovia Bank, National Association. As of December 14, 2007, Grubb
& Ellis Healthcare REIT has sold approximately 20.4 million
shares of its common stock, excluding the shares issued under its
distribution reinvestment plan, for more than $203 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 has made 20
geographically-diverse acquisitions with a total portfolio valued
in excess of $408 million. 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 offer 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, 2007,
nearly $3 billion in investor equity has been raised for these
investment programs. Grubb & Ellis and its subsidiaries
currently manage a growing portfolio of more than 214 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/. THIS PRESS RELEASE IS FOR
INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. FORWARD-LOOKING
LANGUAGE This press release contains certain forward-looking
statements with respect to the diversity and strength that the
property adds to the Grubb & Ellis Healthcare REIT portfolio.
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 relating to
changes in general economic and real estate conditions; the
strengths and financial conditions of Park Place Office Park and
its tenants; 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. DATASOURCE: Grubb
& Ellis CONTACT: Jill Swartz, +1-714-667-8252, ext. 251, , for
Grubb & Ellis Healthcare REIT, Inc. Web site:
http://www.grubb-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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