SANTA ANA, Calif., Nov. 9, 2011 /PRNewswire/ -- The independent
members of the board of directors of Grubb & Ellis Healthcare
REIT II, Inc. today announced that they have elected to transition
the existing advisory and dealer-manager arrangements from Grubb
& Ellis Company and its affiliates in favor of co-sponsorship
by American Healthcare Investors, LLC and Griffin Capital
Corporation. Pursuant to the terms of the existing agreements,
Grubb & Ellis will continue its advisory and dealer-manager
responsibilities during a 60-day transition period.
American Healthcare Investors is a Newport Beach-based real estate investment
management company formed and majority owned and controlled by
Jeff Hanson, chairman and chief
executive officer of the REIT, and one of its largest individual
investors; and Danny Prosky, the
REIT's president, chief operating officer and a member of the board
of directors. Both Hanson and Prosky have served in these senior
roles since the launch of the REIT in 2009 and will continue to do
so.
Los Angeles-based Griffin
Capital Corporation, (www.griffincapital.com) is a
privately-owned real estate company with a sixteen year track
record of sponsoring real estate investment vehicles, including
public non-traded REITs, and managing institutional capital. Led by
senior executives, each with more than two decades of real estate
experience who have collectively consummated more than 400
transactions and over $14.0 billion
in transaction value, Griffin has acquired or constructed over 11
million square feet since 1996. Griffin currently manages a
portfolio of more than 8.5 million square feet located in 13
states, representing approximately $1
billion in asset value. Griffin is the sponsor of Griffin
Capital Net Lease REIT, Inc., a publicly registered, non-traded
real estate investment trust.
In conjunction with the new sponsorship, the REIT has also
appointed Griffin Capital Securities, Inc., as replacement
dealer-manager for the REIT's on-going public offering.
"Our board selected Griffin Capital due to our shared
institutional mindset and approach to building non-traded REITs
that embrace an investor-first philosophy," said Hanson. "This new
co-sponsorship with American Healthcare Investors and Griffin
Capital will provide our REIT with the resources necessary to
maintain its impressive growth and performance while empowering the
management team to continue to pursue our established vision for
the REIT."
"Based on any fair measure, we believe we have established one
of the best performing non-traded REITs in the country," said
Danny Prosky, president and chief
operating officer. "Partnered with Griffin Capital, our management
team intends to drive this performance to even higher levels,
diligently grow assets under management, and position the company
for a successful liquidity event for stockholders."
Kevin Shields, Griffin Capital's
chairman and chief executive officer added, "We are excited about
this co-sponsorship opportunity and are confident the combination
of the Griffin Capital platform and expertise, together with the
proven performance of the management team, will deliver impressive
results to stockholders and provide growth opportunities to our
employees."
As a result of the transition, the board intends to rename the
REIT "Griffin-American Healthcare Trust, Inc."
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. As previously disclosed, the company also
has under contract a skilled nursing portfolio valued at
approximately $166 million, the
acquisition of which is expected to be completed in the near
future.
About Grubb & Ellis Healthcare REIT II, Inc. (to be
re-named Griffin-American Healthcare Trust, Inc.)
Grubb & Ellis Healthcare REIT II, Inc. is 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 currently holds in excess of $430
million in assets and 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. For more information regarding Grubb
& Ellis Healthcare REIT II, please visit
www.gbe-reits.com/healthcare2.
About American Healthcare Investors, LLC
American Healthcare Investors, LLC is an investment management
firm that specializes in healthcare-related real estate, including
medical office buildings, skilled nursing and assisted living
facilities and hospitals. Founded and majority owned and controlled
by Jeff Hanson and Danny Prosky, nationally recognized real estate
investment executives with more than 15 and 20 years of experience,
respectively, American Healthcare Investors is committed to
providing investors access to the potential benefits that
healthcare-related real estate ownership can provide.
About Griffin Capital Corporation
Los Angeles-based Griffin
Capital Corporation has a sixteen-year track record sponsoring real
estate investment vehicles and managing institutional capital. Led
by senior executives, each with more than two decades of real
estate experience who have collectively closed more than 400
transactions representing over $14.0
billion in transaction value, Griffin Capital has acquired
or constructed over 11 million square feet since 1996, and
currently manages a portfolio of more than 8.5 million square feet
located in 13 states, representing approximately $1 billion in asset value. Griffin Capital is the
sponsor of Griffin Capital Net Lease REIT, Inc., a
publicly-registered, non-traded real estate investment trust.
Manifesting keen alignment of shareholder interest, the principals
and certain affiliates of Griffin Capital invested over
$26 million of capital into Griffin
Capital Net Lease REIT, shares of which are distributed by Griffin
Capital Securities, Inc. through leading independent
broker-dealers. For more information regarding Griffin Capital,
please visit www.griffincapital.com.
This release contains certain forward-looking statements with
respect to the company's ability to maintain or enhance its current
level of growth and performance and its ability to successfully
transition advisory and dealer manager services to the new
cosponsors. 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: our strength and financial condition and
uncertainties relating to the financial strength of our current and
future real estate investments; the ability of our new co-sponsors
to raise significant capital on our behalf and to successfully
deploy it; our ability to close the skilled nursing portfolio
currently under contract; uncertainties relating to the local
economies where our real estate investments are located;
uncertainties relating to changes in general economic and real
estate conditions; uncertainties regarding changes in the
healthcare industry; uncertainties relating to the implementation
of recent healthcare legislation; 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 Company
