GRUBB & ELLIS HEALTHCARE REIT ACQUIRES FIVE-BUILDING HEALTHCARE PORTFOLIO
ST. LOUIS AND O’FALLON, MO. — Grubb & Ellis Healthcare REIT has acquired Medical Portfolio 2, a five-building portfolio totaling more than 172,000 square feet of space in Missouri and Texas. In St. Louis, Grubb & Ellis Healthcare REIT has acquired a 69,000-square-foot, two-story medical facility located at 969 North Mason St. BJC HealthCare is the sole tenant of the building, which is situated on a 5.6-acre site. At 909 North 14th St. in St. Louis, the company has acquired a 6,200-square foot, single-story medical center situated on approximately 2.4 acres. In O’Fallon, a 61,000-square-foot, Class A medical office building was acquired. Situated on a 4.8-acre site, the facility is located at 5551 Winghaven. Additionally, two facilities totaling 36,000 square feet of medical space were acquired in Texas as part of the transaction. Affiliated entities of The Cirrus Group — represented by James Moloney of Cain Brothers & Co. — sold the portfolio for an undisclosed amount. Grubb & Ellis Healthcare REIT financed the acquisition through loans originated by Bank of America and Wachovia Financial Services, as well in-house funding.