GRUBB & ELLIS HEALTHCARE REIT ACQUIRES $43 MILLION MEDICAL OFFICE PORTFOLIO
WEBSTER AND SAN ANTONIO, TEXAS — Grubb & Ellis Healthcare REIT has acquired the Mountain Plains Portfolio, a two-property medical office portfolio located in Texas, for $43 million. The first property is Clear Lake Medical Office Building, a four-story, approximately 110,000-square-foot property located in Webster. Situated on 4.7 acres at 250 Blossom St., the property located across the street from the 595-bed Clear Lake Regional Medical Center and adjacent to Triumph Hospital Clear Lake, a long-term acute care center. The property was constructed in 2006 and was fully occupied at the time of closing. The second property is Pecan Valley Medical Office Building, a two-story, approximately 60,000-square-foot building located in San Antonio. It is situated on 3.1 acres across from Southeast Baptist Hospital, at 4243 E. Southcross Blvd. The building features surgery rooms, an indoor rehabilitation pool and an imaging center. It was constructed in 1998 and was 100 percent occupied at the time of the sale. The sellers were unaffiliated third parties, which were both represented by P.J. Camp and Jay Miele of New York City-based Shattuck Hammond Partners. With this purchase, which closed in December, Grubb & Ellis completed 21 healthcare acquisitions in 15 states in 2008.