LAFAYETTE, La., Oct. 3, 2011 /PRNewswire/ -- Grubb & Ellis
Healthcare REIT II, Inc. today announced that it has acquired
Lafayette Physical Rehabilitation Hospital, a single-story, 32-bed
rehabilitation hospital in Lafayette, approximately 60 miles west of
Baton Rouge. The facility is
master-leased to Lafayette Physical Rehabilitation Hospital, LLC
until 2026.
Located at 307 Polly Lane, Lafayette Physical Rehabilitation
Hospital is located adjacent to both Heart Hospital of Lafayette and Lafayette Specialty Surgery
Hospital. Heart Hospital of Lafayette is a 32-bed specialty hospital
focusing on the treatment of various heart conditions, and
Lafayette Specialty Surgery Hospital is a 20-bed physician-owned
hospital specializing in a range of surgical and pain management
procedures.
"Lafayette Physical Rehabilitation Hospital is a strong addition
to the Grubb & Ellis Healthcare REIT II portfolio that provides
greater geographic, asset and economic diversification," said
Danny Prosky, president and chief
operating officer of Grubb & Ellis Healthcare REIT II. "In
addition to sitting adjacent to two of the region's premier
specialty hospitals, the facility also accommodates patients from
the six general acute care hospitals located within a 10-mile
radius and is master leased for the next 15 years to an excellent
operator."
Built in 2006, Lafayette Physical Rehabilitation Hospital is a
26,000-square-foot, multi-specialty, physician-owned rehabilitation
hospital that caters to the needs of patients with severe injuries
or conditions. The facility provides a variety of rehabilitative
services and treatments including physical and occupational
therapy, speech pathology and psychology.
Lafayette Physical Rehabilitation Hospital was acquired from HFG
Lafayette, LLC, an unaffiliated third party represented by
Mike Coiro and Bill Bennett of Capital Hospital Finance
Group.
Grubb & Ellis Healthcare REIT II financed the acquisition
using $12.0 million in borrowings
under its line of credit with KeyBank National Association and cash
proceeds received from its offering. As of Sept. 15, 2011, the company's property portfolio
held debt equaling approximately 26.8 percent of its value, based
on purchase price in the aggregate.
As of Sept. 23, 2011, Grubb &
Ellis Healthcare REIT II has sold approximately 38,381,440 shares
of its common stock, excluding the shares issued under its
distribution reinvestment plan, for approximately $382,988,000 through its initial public
offering.
To date, the REIT has made 24 geographically diverse
acquisitions comprised of 55 buildings valued at approximately
$430.8 million, based on purchase
price in the aggregate.
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 with
respect to Lafayette Physical Rehabilitation Hospital's occupancy
and its master lease, whether its proximity to Heart
Hospital of Lafayette, Lafayette
Specialty Surgery Hospital, and the six surrounding hospitals is
beneficial and whether the acquisition of Lafayette Physical
Rehabilitation Hospital is a strong addition to our property
portfolio. 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 Lafayette Physical Rehabilitation Hospital and its
tenant-operator; uncertainties relating to the financial strength
of Heart Hospital of Lafayette, Lafayette Specialty Surgery
Hospital, and the six surrounding hospitals, and the local
economy of Lafayette, Louisiana;
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.
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.