Grubb & Ellis Healthcare REIT II Acquires Livingston Medical Arts Pavilion in Texas

 
LIVINGSTON, TX  (June 30, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired Livingston Medical Arts Pavilion, (top left photo)  a two-story, 30,000-square-foot, multi-tenant medical office building in Livingston. The acquisition closed on June 28.

Located at 403 Ogletree Drive, Livingston Medical Arts Pavilion is located on the 41-acre campus of, and adjacent to, the Memorial Medical Center – Livingston, (lower left photo)a 66-bed facility specializing in critical access care and women’s health.

A member of the Memorial Health System of East Texas, the medical center recently constructed a new 160,000-square-foot hospital wing in response to growing demand for healthcare services in the community.

“Livingston Medical Arts Pavilion is a Class A building that is fully leased on the campus of a thriving medical center,” said Danny Prosky (middle right photo), president and chief operating officer of Grubb & Ellis Healthcare REIT II. “Additionally, this acquisition is immediately accretive and supportive of our stockholder distribution, making it an ideal and very attractive addition to our portfolio.”

Built in 2007 within close proximity of Highway 59, the property is 100 percent leased to multiple tenants, but primarily to Memorial Health System of East Texas, which leases approximately 94 percent of the building.

 Livingston Medical Arts Pavilion offers multiple clinical procedures, including: neurology, sleep medicine, podiatric surgery, sports medicine, pediatrics, obstetrics, gynecology, family medicine and rheumatology.

Livingston Medical Office Building was acquired from McShane Development, an unaffiliated third party represented by Toby Scrivner and Jeff Matulis of Stan Johnson Company. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Grubb & Ellis Facilitates REO Sale of Kaleidoscope Retail Center in Mission Viejo, CA for $22M

NEWPORT BEACH, CA (June 30, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Dixie Walker (lower left photo) , executive vice president, Financial Services Asset Management, represented both parties in the sale of Kaleidoscope Retail Cente (lower right photo)  in Mission Viejo.

 Westport Capital Partners LLC purchased the 220,000-square-foot center from C-III Asset Management LLC, the special servicer of the property formerly known as Centerline, for $22 million in an all-cash sale.

“Westport Capital was a very committed buyer who saw the tremendous potential of this property and executed very quickly. Their active, hands-on management will help this property realize its full potential. This deal is significant as it represents one of the first significant retail foreclosures in Orange County,” Walker said.

The three-story Kaleidoscope lifestyle and entertainment center is located at 27741 Crown Valley Parkway at the intersection of Interstate 5 and Crown Valley Parkway. Constructed in 2000 on nearly five acres of land, the property is 62 percent leased to retailers such as Regal Theatres, Buffalo Wild Wings, Islands Restaurant, Burke Williams Salon and Day Spa, Riptide Restaurant, The Derby Restaurant and Piano Bar and Laser Quest.

“The City of Mission Viejo is looking forward to the upcoming renovation and transformation of Kaleidoscope Retail Center into a vibrant retail, restaurant and entertainment center serving the needs of South Orange County,” said Trish Kelley, mayor of Mission Viejo.

Westport Capital Partners named Mark Baziak, senior vice president, and Terrison Quinn, associate, also of Grubb & Ellis’ Retail Group, as the leasing agents of the property at the time of the sale.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com