Grubb & Ellis Healthcare REIT II Enters Agreement to Acquire Highlands Ranch Medical Pavilion Near Denver
29 January 2010 - 8:45AM
PR Newswire (US)
DENVER, Jan. 28 /PRNewswire-FirstCall/ -- Grubb & Ellis
Healthcare REIT II, Inc. today announced that it has entered into
an agreement to acquire Highlands Ranch Medical Pavilion, an
approximately 37,000-square-foot, multi-tenant medical office
building in the Denver suburb of Highlands Ranch. The acquisition
is subject to customary closing conditions and the satisfaction of
other requirements as detailed in the agreement. Located at 8671 S.
Quebec St., Highlands Ranch Medical Pavilion is located
approximately five miles from both Littleton Adventist Hospital and
Sky Ridge Medical Center. Littleton Adventist is a member hospital
of Centura Health and Sky Ridge Medical Center is a member hospital
of HealthONE. Built in 1999, the property is currently 94 percent
leased to 10 tenants, including Ranch View Family Medicine and
National Jewish Medical and Research Center. "Highlands Ranch
Medical Pavilion is a quality asset in the midst of one of the
West's thriving metropolitan regions, adding strength and diversity
to Grubb & Ellis Healthcare REIT II," said Jeff Hanson,
chairman and chief executive officer. Highlands Ranch Medical
Pavilion is located 12 miles south of Denver and enjoys close
proximity to Interstate 25, Colorado's primary north/south
thoroughfare, and the C-470 Beltway, affording tenants easy access
to all of Greater Denver. The building provides a variety of
medical services to patients including: asthma, allergy and
immunology; radiology and imaging; pediatric services; physical
therapy; behavioral health services; obstetrics and gynecology
services; family practice and oral and maxillofacial surgery.
"Located near two major medical centers and major transportation
corridors, Highlands Ranch Medical Pavilion offers tenants and
patients easy access to the facility and nearby hospitals,
attractive qualities for our REIT," said Danny Prosky, president
and chief operating officer. 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). Named
to The Global Outsourcing 100(TM) in 2009 by the International
Association of Outsourcing Professionals(TM), Grubb & Ellis is
one of the largest commercial real estate services and investment
companies in the world. Grubb & Ellis Company's 6,000
professionals in more than 130 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), tenant-in-common (TIC) investments suitable for tax
deferred 1031 exchanges, separate accounts and other real estate
investment funds. For more information, visit
http://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 acquisition of Highlands
Ranch Medical Pavilion, its occupancy, the thriving Denver region,
and whether the proximity to Littleton Adventist Hospital and Sky
Ridge Medical Center is advantageous for the property. 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
satisfactory completion of due diligence and other requirements to
complete the acquisition; the strength and financial condition of
Highlands Ranch Medical Pavilion; the strength and financial
condition of the tenants; uncertainties relating to the local
economy of Denver; whether the proximity to Littleton Adventist
Hospital and Sky Ridge Medical Center is advantageous for the
property; 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 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. DATASOURCE:
Grubb & Ellis Healthcare REIT II, Inc. CONTACT: Damon Elder of
Grubb & Ellis, +1-714-975-2659, Web Site:
http://www.grubb-ellis.com/
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