AGREEMENT REACHED FOR PARKWAY MEDICAL CENTER SALE IN OHIO

BEACHWOOD, OHIO — Grubb & Ellis Healthcare REIT II has entered into an agreement to acquire Parkway Medical Center, a two-building medical office campus in Beachwood. Located at 3609 and 3619 Park East Drive, the campus features a 51,000-square-foot building, which was built in 1972, and a 37,000-square-foot building that was constructed in 1987. Since 2004, approximately $1.6 million of capital improvements have been completed at the center. The facility is currently 87 percent leased to 35 tenants, including University Hospital of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants. The seller and acquisition price were not disclosed.