SARASOTA, Fla., July 19, 2011 /PRNewswire/ -- Grubb & Ellis
Healthcare REIT II, Inc. today announced that it has acquired
Maxfield Medical Office Building, a three-story,
41,000-square-foot, multi-tenant medical office building on the
campus of Doctors Hospital of Sarasota.
Located at 5831 Bee Ridge Road, Maxfield Medical Office Building
is adjacent to the 168-bed Doctors Hospital, a short-term acute
care facility that is a member of Hospital Corporation of America,
the nation's largest for-profit hospital operator.
"When evaluating medical office buildings for potential
acquisition, we look for a facility that is on the campus of a
thriving medical center that is owned and operated by the
industry's best practitioners," said Danny
Prosky, president and chief operating officer of Grubb &
Ellis Healthcare REIT II. "Maxfield Medical Office Building
fit our selection criteria to a tee and is an excellent addition to
our rapidly growing portfolio of clinical healthcare
properties."
Built in 2001, the property is 91 percent leased to six tenants
that provide a variety of medical services, including: orthopedic
surgery, neurosurgery and spine services, internal medicine,
primary care, rehabilitation and home health services. Half
of the tenants are affiliated with both Doctors Hospital of
Sarasota and nearby Sarasota
Memorial Hospital, an 805-bed community hospital located
approximately six-and-a-half miles from Maxfield Medical Office
Building.
The facility was acquired from Maxfield Medical Building, LLC,
an unaffiliated third party represented by Duane Henderson of Wagner Realty. Grubb
& Ellis Healthcare REIT II was represented by Manfred Welfonder
of MW Development & Investment Advisory, Inc.
Grubb & Ellis Healthcare REIT II financed the acquisition
with a $5.12 million loan assumption
and cash proceeds received from its offering. As of
March 31, 2011, the company's
property portfolio held debt equaling 24.7 percent of its value,
based on purchase price in the aggregate.
As of July 8, 2011, Grubb &
Ellis Healthcare REIT II has sold approximately 29,915,310 shares
of its common stock, excluding the shares issued under it
distribution reinvestment plan, for approximately $298,528,000 through its initial public
offering.
To date, the REIT has made 23 geographically diverse
acquisitions comprised of 54 buildings valued at approximately
$418.7 million, based on purchase
price in the aggregate. Since March
31, 2011, the aggregate value of the Grubb & Ellis
Healthcare REIT II portfolio has increased by more than 81 percent,
based on purchase price.
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), one of the largest and most respected
commercial real estate services and investment companies in the
world. Our 5,200 professionals in more than 100 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 management business, the company is a leading sponsor of
real estate investment programs. For more information, visit
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 Maxfield Medical Office Building's occupancy,
whether its proximity to Doctors Hospital of Sarasota and Sarasota Memorial Hospital is
beneficial, whether the acquisition of Maxfield Medical Office
Building is an excellent addition to our property portfolio, and
whether our property portfolio will continue to grow rapidly.
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 Maxfield
Medical Office Building and its tenants; uncertainties relating to
the financial strength of Doctors Hospital of Sarasota and Sarasota Memorial Hospital, and
the local economy of Greater Sarasota,
Florida; 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 U.S. 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.
SOURCE Grubb & Ellis Healthcare REIT II, Inc.