SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Healthcare REIT, Inc. has acquired the Decatur Medical Plaza, (top left photo) a medical office building located in the Atlanta suburb of Decatur, Ga.Located at 200 E. Ponce De Leone Ave., Decatur Medical Plaza consists of approximately 43,000 square feet of gross leaseable area situated on approximately one acre of land.
The three-story building includes four units and is 100 percent leased to various tenants, including Nanston, Inc. and DeKalb Medical.
Built in 1976 and renovated in 1998 and 2007, the property faces downto
wn Decatur's main pedestrian thoroughfare.
wn Decatur's main pedestrian thoroughfare."This is a terrific property with an excellent location in Decatur that is close to multiple major regional hospitals, as well as downtown Atlanta," said Danny Prosky, (middle right photo) Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "These qualities contribute to the attractiveness of this acquisition, and we are pleased to add Decatur Medical Plaza to the Grubb & Ellis Healthcare REIT portfolio."
Decatur Medical Plaza is situated within three miles of five major regional hospitals: Dekalb Medical Center, Atlanta Veteran Affairs Medical Center, Children's Healthcare of Atlanta at Egelston, Emory-Children's Center and Emory University Hospital.Located within five miles of downtown and midtown Atlanta, the property is in close proximity to State Route 155 and is surrounded by various office buildings and retail outlets. Decatur Medical Plaza sits approximately one-half-block away from the Metropolitan Atlanta Rapid Transit Authority station.
Grubb & Ellis Healthcare REIT has completed four other acquisitions in the Atlanta area: the recently acquired Southcrest Medical Plaza, (middle left photo) as well as Northmeadow Medical Center, Gwinnett Professional Center, and Yorktown Medical Center and Shakerag Medical Center.
Decatur Medical Plaza was acquired from an unaffiliated third party represented by Stewart Calhoun of Cushman & Wakefield, Inc. Grubb & Ellis Healthcare REIT financed this acquisition through utilization of its line of credit.
As of June 20, 2008, Grubb & Ellis Healthcare REIT has sold approximately 37.4 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $374 million through its initial public offering, which began in the third quarter of 2006.Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent per annum and, as of June 27, 2008, has made 34 geographically diverse acquisitions for a total of 100 buildings valued at approximately $706 million, based on purchase price.
CONTACT: Julia McCartney of Grubb & Ellis Healthcare REIT, Inc.,+1-714-667-8252, ext. 230, julia.mccartney@grubb-ellis.comWeb site: http://www.grubb-ellis.com/
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