Grubb & Ellis Healthcare REIT II Acquires St. Vincent Medical Office Building in Cleveland

CLEVELAND, OH  (June 29, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired St. Vincent Medical Office Building (top left photo) , a three-story, 51,000-square-foot, multi-tenant medical office building on the campus of St. Vincent Charity Medical Center (middle right photo) in Cleveland.

The acquisition closed on June 25.

Located at 2322 E. 22nd St., St. Vincent Medical Office Building is in the heart of downtown Cleveland and on the campus of, and physically connected to, the 480-bed St. Vincent Charity Medical Center, which has tended to the city’s sick and injured since 1865.

A member of the Sisters of Charity Health System, the medical center is an acute care inpatient and outpatient facility providing comprehensive care.

HealthGrades, an independent healthcare ratings organization, has recognized the center with the Distinguished Hospitals for Clinical Excellence award for the past five years.

“When evaluating a potential new acquisition, we are most concerned with the quality of the affiliated medical system and the proximity of the building to the system’s medical centers,” said Jeff Hanson, (lower left photo)  chairman and chief executive officer of Grubb & Ellis Healthcare REIT II.

 “St. Vincent Medical Office Building is a home run on both counts. Our acquisition is not only on the campus of one of the nation’s finest hospitals, but it is actually connected to it.”

Built in 1984 on approximately 4.8 acres of land, the property is approximately 92 percent leased to multiple tenants, but primarily to St. Vincent Charity Medical Center, which occupies nearly 65 percent of the gross leasable area.

The medical office building offers multiple clinical procedures, including: bariatric surgery, oncology, cardiology, rheumatology, ophthalmological and occupational wellness services.

St. Vincent Medical Office Building was acquired from Vincent MBL Investors, LP, an unaffiliated third party represented by Jim Moloney and Joe Dominguez of Cain Brothers. 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 Represents Econocaribe in 144,000-SF Lease in Miami

MIAMI, FL (June 29, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Econocaribe Consolidators, Inc., in the lease of 144,000 square feet of warehouse/distribution space at Airport East Distribution Center, (top left photo)  located at 7000 NW 32nd Ave., from BlackRock Realty.

The lease represents a relocation for the global transportation company, which is relocating one of its Miami area freight forwarding operations from SE 9th Court in Hialeah.

Jonathan Kingsley (bottom right photo) , executive vice president and managing director of Grubb & Ellis’ South Florida offices, facilitated the transaction on behalf of the tenant in what respresents one of the largest industrial lease transactions in the Miami-Dade County industrial market this year.

“Given the current market conditions, this was a great opportunity for Econocaribe to cost-effectively lease space in a high-quality facility that was more efficient over the previous location,” said Kingsley.

Built in the 1960s and renovated in 2008, the 400,000-square-foot facility features ceiling height of 18 to 21 feet, ample parking and gated security.

Contact:  Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com