Grubb & Ellis Healthcare REIT II Enters Agreement to Acquire the Center for Neurosurgery and Spine Near St. Cloud, Minn.
January 08 2010 - 8:30AM
PR Newswire (US)
ST. CLOUD, Minn., Jan. 8 /PRNewswire/ -- Grubb & Ellis
Healthcare REIT II, Inc. today announced that it has entered into
an agreement to acquire the Center for Neurosurgery and Spine, a
36,600-square-foot, two-building medical office portfolio in the
St. Cloud suburb of Sartell. The acquisition is subject to
customary closing conditions and the satisfaction of other
requirements as detailed in the agreement. Located at 162 19th St.
South, the Center for Neurosurgery and Spine is within
approximately one-half mile of CentraCare Clinic Health Plaza and
three miles of the 393-bed St. Cloud Hospital. Built in 2006 on
approximately 3.7 acres of land, the property is fully leased to
five tenants, including Central Minnesota Neurosciences, the Center
for Pain Management and Central Minnesota Center for Diagnostic
Imaging. "The Center for Neurosurgery and Spine is completely
occupied and well-located near the region's largest hospital,
making it an ideal acquisition for Grubb & Ellis Healthcare
REIT II," said Jeff Hanson, chairman and chief executive officer.
The Center for Neurosurgery and Spine benefits from its proximity
to St. Cloud Hospital, the largest full-service medical center in
central Minnesota. St. Cloud Hospital, founded in 1886, serves a
population of approximately 640,000 people in a 12-county area. The
hospital has been named a Thomson Reuters Top 100 Hospital and
recognized as one of "America's Best Hospitals" by U.S. News &
World Report. CentraCare Clinic Health Plaza houses St. Cloud
Hospital outpatient services. "Not only is the Center for
Neurosurgery and Spine well located near a large hospital, it is
also in the heart of a thriving community with growing demand for
healthcare services," said Danny Prosky, president and chief
operating officer. "As we begin to build a diverse portfolio of
healthcare-related properties, these are among the key traits we
will seek to identify among our potential acquisitions." About
Grubb & Ellis Healthcare REIT II Grubb & Ellis Healthcare
REIT II, Inc. intends to qualify as a real estate investment trust
that seeks to preserve, protect and return investors' capital
contributions, pay regular cash distributions, and realize growth
in the value of its investments upon the ultimate sale of such
investments. Grubb & Ellis Healthcare REIT II is seeking to
raise up to approximately $3 billion in equity and to acquire a
diversified portfolio of real estate assets, focusing primarily on
medical office buildings and other healthcare-related facilities.
Grubb & Ellis Healthcare REIT II is sponsored by Grubb &
Ellis Company (NYSE:GBE). Named to The Global Outsourcing 100(TM)
in 2009 by the International Association of Outsourcing
Professionals(TM), Grubb & Ellis is one of the largest
commercial real estate services and investment companies in the
world. Grubb & Ellis Company's 6,000 professionals in more than
130 company-owned and affiliate offices draw from a unique platform
of real estate services, practice groups and investment products to
deliver comprehensive, integrated solutions to real estate owners,
tenants and investors. The firm's transaction, management,
consulting and investment services are supported by highly regarded
proprietary market research and extensive local expertise. Through
its investment subsidiaries, the company is a leading sponsor of
real estate investment programs that provide individuals and
institutions the opportunity to invest in a broad range of real
estate investment vehicles, including publicly registered
non-traded real estate investment trusts (REITs), tenant-in-common
(TIC) investments suitable for tax deferred 1031 exchanges,
separate accounts and other real estate investment funds. For more
information, visit http://www.grubb-ellis.com/. This release
contains certain forward-looking statements (under Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) with respect to the
acquisition of the Center for Neurosurgery and Spine, its occupancy
and the thriving St. Cloud community. 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
satisfactory completion of due diligence and other requirements to
complete the acquisition; the strength and financial condition of
the Center for Neurosurgery and Spine; uncertainties relating to
the CentraCare Clinic Health Plaza, St. Cloud Hospital and local
economy of the St. Cloud region; 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. Forward-looking statements in this document
speak only as of the date on which such statements were made, and
we undertake no obligation to update any such statements that may
become untrue because of subsequent events. We claim the safe
harbor protection for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. THIS IS NEITHER
AN OFFER TO SELL NOR AN OFFER TO BUY ANY SECURITIES DESCRIBED
HEREIN. OFFERINGS ARE MADE ONLY BY MEANS OF A PROSPECTUS OR
OFFERING MEMORANDUM. DATASOURCE: Grubb & Ellis Healthcare REIT
II, Inc. CONTACT: Damon Elder, +1-714-975-2659, , for Grubb &
Ellis Healthcare REIT II Web Site: http://www.grubb-ellis.com/
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