SANTA ANA, CA (July 26, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into a $25 million secured revolving credit facility with Bank of America, National Association. The credit facility may be utilized to fund property acquisitions and for other general corporate purposes.
“This credit facility further strengthens our ability to execute our business plan and more rapidly expand the portfolio of Grubb & Ellis Healthcare REIT II,” said
Jeff Hanson, (top right photo) chairman and chief executive officer.
“Particularly for a new REIT like ours, now is an exceptional time in the market cycle to acquire assets and Bank of America is supporting this effort.”
The credit facility matures on July 19, 2012, but may be extended at the option of Grubb & Ellis Healthcare REIT II for an additional year upon meeting certain conditions. The facility bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.
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.
Contact: Damon Elder, Phone: 714.975.2659,Email:
damon.elder@grubb-ellis.com
Grubb & Ellis Represents Dwyer Products Corporation in 79,000-SF Industrial Lease
ROSEMONT, IL. (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Dwyer Products Corporation in the execution of a long-term lease agreement for approximately 79,000 square feet at
Bridge Point Woodridge One (lower left photo), located at 1000 Davey Road in Woodridge from Bridgepoint Woodridge LLC.
Dwyer, a leading designer and assembler of custom compact kitchens and modular furniture systems, will utilize the facility as a showroom, assembly/distribution facility and its new corporate headquarters.
“Particularly given our recent acquisition of the Goelst By Dwyer product line of modular casework for acute care facilities, the building’s capacity to support our future growth needs was an appealing aspect of the property for us,” said
Steve Svendsen, vice president and chief financial officer of Dwyer.
“We’re pleased to be moving into a well-located building that will present a high-class image to our clients while also meeting our assembly and distribution requirements.”
Chris Lydon, SIOR, senior vice president, Industrial Group, and Sam Durkin, associate vice president, Industrial Group, represented the tenant. Jeff Galante of Lee & Associates represented the landlord.
“In its search for a larger facility to support its growth, Dwyer Products Corporation was in a position to take advantage of favorable market conditions to secure a newly constructed facility with tremendous visibility off of Lemont Road,” said Lydon. “The location allows for substantial growth over its previous headquarters in Wood Dale, which totaled 28,000 square feet.”
Developed throughout 2008 and 2009 by Bridge Development Partners, LLC, in partnership with Globe Corporation, Bridge Point Woodridge One is a state-of-the-art development project totaling approximately 264,000 square feet.
Contact: Erin Mays, Phone: 312.698.6735 Email:
erin.mays@grubb-ellis.com
Father-Son Pearlstein Team New Addition to Tenant Advisory Group
PHOENIX (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the father-son team of
Robert Pearlstein (lower left photo) and
Brent Pearlstein (lower right photo) have joined the company as senior vice president and senior associate, Tenant Advisory Group, respectively.
"Bob and Brent bring tremendous experience and energy to Grubb & Ellis and their clients. I am pleased that they chose to be a part of our team,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office.
Robert Pearlstein joins Grubb & Ellis with 16 years of experience in the commercial real estate industry. He spent 12 years of his career with CB Richard Ellis, specializing in retail leasing sales and development.
He left the firm in 2008 with the title of senior vice president and began Pearlstein Development LLC, a company specializing in retail development that he ran until joining Grubb & Ellis.
He began his career in 1994 with Midland Development Group in St. Louis. He holds a bachelor’s degree from the University of Missouri and is a member of CoreNet Global and NAIOP.
Brent Pearlstein began his career in 2009 with Cushman & Wakefield of Arizona where he served as an associate specializing in office tenant representation. He holds a bachelor’s degree from Arizona State University and is a member of CoreNet Global and NAIOP.
Grubb & Ellis to Hold 2010 Second Quarter Conference Call on August 10
SANTA ANA, CA. (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it will host a live webcast to discuss its second quarter 2010 results on Tues., Aug. 10, 2010, at 10:30 a.m. Eastern Time.
The Company will issue its financial results before the market opens that morning.
The conference call will be webcast on the investor relations section of Grubb & Ellis' website at www.grubb-ellis.com or may be accessed by dialing 1.866.578.5771 for domestic callers and 1.617.213.8055 for international callers. The conference call ID number is 26018455.
An audio replay will be available beginning at 1:30 p.m. ET on Tues., Aug. 10, until 7 p.m. ET on Tues., Aug. 17 and can be accessed by dialing 1.888.286.8010 for domestic callers and 1.617.801.6888 for international callers and entering conference call ID 65858047. In addition, the conference call audio will be archived on the Company’s website following the call.
Contact: Janice McDill, Phone: 312.698.6707, Email:
janice.mcdill@grubb-ellis.com
Media reports indicate that Marriot and partner Ian Schrager plan to redevelop the 12-story, 400-room hotel into a new boutique brand called Edition. 
This is Hudson’s second multi-million dollar deal that has closed in the past 30 days or so. He and his law partner, Hilda Piloto, (bottom right photo) negotiated the resolution of a $100 million multi-property real estate dispute on behalf of a developer in mid-June.
