JOPLIN, Mo., Sept. 7 /PRNewswire-FirstCall/ -- Grubb &
Ellis Healthcare REIT II, Inc. today announced that it has acquired
Joplin Long-Term Acute Care Hospital, a single-story,
26,000-square-foot, Class A single-tenant medical facility in
Joplin. The acquisition
closed on Aug. 31.
Located at 2040 W. 32nd St., at the heart of the "Four State
Area" where Missouri, Oklahoma, Arkansas and Kansas converge, Joplin Long-Term Acute Care
Hospital is less than one mile from St. John's Regional Medical
Center, the region's leading healthcare provider and a significant
source of referral patients. Joplin Long-Term Acute Care
Hospital is the only non-governmental facility of its kind within
70 miles.
Built in 2007, Joplin Long-Term Acute Care Hospital is leased by
Landmark Holdings of Missouri,
LLC, which signed a long-term lease through 2025. The Joplin
facility is the second of a $42
million, four-property portfolio of regional long-term acute
care hospitals being acquired by Grubb & Ellis Healthcare REIT
II. A similar facility in Cape
Girardeau was acquired by the REIT on Aug. 12 and two other facilities, one in
Columbia and one in Athens, Ga., are currently under contract.
"Long-term acute care hospitals such as the four we are
acquiring in Missouri and
Georgia are attractive additions
to the portfolio of Grubb & Ellis Healthcare REIT II," said
Danny Prosky, president and chief
operating officer of the REIT. "They enjoy very limited
competition, have strong relationships with major healthcare
systems, and provide stable long-term income that is immediately
accretive and supportive of our investor distribution."
Creative Health Capital, LLC represented the seller, White Oaks
Real Estate Investments, LLC, an unaffiliated third party, in the
transaction. Grubb & Ellis Healthcare REIT II financed
the acquisition using cash proceeds received from its offering and
$8 million in borrowings under its
line of credit with Bank of America, N.A.
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). Grubb & Ellis is one of the largest
and most respected commercial real estate services and investment
companies in the world. Grubb & Ellis Company's 6,000
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 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), mutual funds, separate accounts and other real estate
investment funds. 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 the success of Joplin Long-Term Acute Care
Hospital, its stable income, whether such stable income is
accretive and supportive of our investor distribution and whether
its proximity to St. John's Regional Medical Center is beneficial.
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 Joplin
Long-Term Acute Care Hospital and its tenant; uncertainties
relating to the financial strength of Joplin Long-Term Acute Care
Hospital, St. John's Regional Medical Center and the local economy
of the city of Joplin;
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 OR OFFERING MEMORANDUM.
SOURCE Grubb & Ellis Healthcare REIT II, Inc.
Copyright t. 7 PR Newswire