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Grubb & Ellis Healthcare REIT Acquires Senior Care Portfolio 1 in Calif.SANTA ANA, Calif., July 3 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. today announced it has completed its acquisition of Senior Care Portfolio 1 with the addition of two skilled nursing facilities inCalifornia. The portfolio is comprised of an aggregate of six properties, including four in Texas, the acquisition of which closed in March 2008. Located at 11900 Ramona Blvd. inEl Monte and 1955 Lomita Blvd., in Lomita, each of theCalifornia properties comprises one single-story skilled nursing facility. The two properties total approximately 71,000 square feet of gross leasable area and are 100 percent leased to North American Healthcare. In total, theCalifornia properties include 219 licensed patient beds. "These two properties complete the addition of Senior Care Portfolio 1 to
the Grubb & Ellis Healthcare REIT portfolio," said The twoCalifornia properties of Senior Care Portfolio 1 were acquired from HCP, Inc. (NYSE: HCP). Grubb & Ellis Healthcare REIT financed this acquisition through an unsecured note from an affiliate and cash on hand. As of June 20, 2008, Grubb & Ellis Healthcare REIT has sold approximately
37.4 million shares of its common stock, excluding the shares issued under its
distribution reinvestment plan, for approximately Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25
percent per annum and, as of June 30, 2008, has made 36 geographically-diverse
acquisitions for a total of 109 buildings valued at approximately 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 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 March
31, 2008, more than FORWARD-LOOKING LANGUAGE This press release contains certain forward-looking statements with respect to the importance and diversity 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 regarding changes in the healthcare industry; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the local economy and demand for healthcare related services inCalifornia; the strengths and financial condition of Senior Care Portfolio 1; 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. SOURCE Grubb & Ellis Healthcare REIT, Inc. Tags: ,HEA,RLT,TNM,CA-Grubb&, Ellis-REIT _ _     Is your favorite bookmark site missing? Ask for it. |
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