SANTA ANA, Calif., Dec. 28 Grubb & EllisHealthcare REIT, Inc. has acquired Park Place Office Park in Dayton, Ohio. Theacquisition closed on December 21, 2007.
Park Place Office Park consists of three multi-tenant medical officebuildings totaling approximately 133,000 square feet on eight and a half acresin Dayton, Ohio. Park Place I, II, and III were constructed in 1987, 1988, and2002, respectively, and offer tenants a landscaped common area with a pond,water features, benches and walking paths. The three and four-story buildingsare conveniently located across from Fraze Pavilion in Lincoln Park with closeproximity to Kettering Medical Center.
The 522-bed Kettering Medical Center, a not-for-profit regional acute carehospital, is located one mile from Park Place Office Park. Kettering MedicalCenter offers numerous medical services, including ambulatory care, neurology,pulmonary care, ophthalmology, and physical medicine. In addition, KetteringBreast Evaluation Center and Kettering Sports Medicine Center are located lessthan one block from Park Place Office Park.
Park Place Office Park offers ample parking with a common lot with 527spaces. 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 REITportfolio of properties," explained Danny Prosky, vice president ofacquisitions for Grubb & Ellis Healthcare REIT. "We have superior tenants inplace and have further diversified and strengthened our portfolio with thisacquisition."
Grubb & Ellis Healthcare REIT purchased the property from FrazeEnterprises, Inc., an unaffiliated third party, which was represented by MikeWenzler. Financing was primarily provided by Wachovia Bank, NationalAssociation.
As of December 14, 2007, Grubb & Ellis Healthcare REIT has soldapproximately 20.4 million shares of its common stock, excluding the sharesissued under its distribution reinvestment plan, for more than $203 millionthrough its initial public offering, which began in the third quarter of 2006.
Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25percent per annum and has made 20 geographically-diverse acquisitions with atotal portfolio valued in excess of $408 million.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE), one of the largest and most respectedcommercial real estate services companies, is the sponsor of Grubb & EllisHealthcare REIT, Inc. With more than 130 owned and affiliate officesworldwide, Grubb & Ellis offers property owners, corporate occupants andinvestors comprehensive integrated real estate solutions, includingtransaction, management, consulting and investment advisory services supportedby proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estateinvestment programs that offer individuals and institutions the opportunity toinvest in a broad range of real estate investment vehicles, includingtax-deferred 1031 tenant-in-common (TIC) exchanges, public non-traded realestate investment trusts (REITs) and real estate investment funds. As ofSeptember 30, 2007, nearly $3 billion in investor equity has been raised forthese investment programs. Grubb & Ellis and its subsidiaries currently managea growing portfolio of more than 214 million square feet of real estate. In2007, Grubb & Ellis was selected from among 15,000 vendors as MicrosoftCorporation's Vendor of the Year. For more information regarding Grubb & EllisCompany, please visit http://www.grubb-ellis.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFERTO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.