Property Types Seniors Housing
Grubb & Ellis Healthcare REIT Takes 8 Properties
July 7, 2008
By: Denise L. Meyer, Contributing Correspondent

Grubb & Ellis Healthcare REIT Inc. has acquired eight properties in three separate deals.

First up is the acquisition of Renaissance Medical Centre, a five-story, Class A medical office building located in the Salt Lake City suburb of Bountiful, Utah.

Located at 1551 S. Renaissance Drive, Renaissance Medical Centre consists of approximately 112,000 square feet of gross leaseable area. The property is part of the larger Renaissance Towne Centre mixed-use development and is approximately 88 percent leased. The Renaissance Medical Centre was acquired from an unaffiliated third party represented by Chris Bodnar of CB Richard Ellis-Colorado Private Client Group.

In another transaction, Grubb & Ellis Healthcare completed its acquisition of Senior Care Portfolio 1 with the addition of two skilled nursing facilities in California. The portfolio is comprised of an aggregate of six properties, including four in Texas, which were acquired in March 2008. The two California properties of Senior Care Portfolio 1 were acquired from HCP Inc.

Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Blvd., in Lomita, each of the California properties comprises one single-story skilled nursing facility. The two properties total approximately 71,000 square feet of gross leasable area and are 100 percent leased to North American Healthcare which operates 219 patient beds.

And lastly, the firm announced the acquisition of Medical Portfolio 2. The portfolio consists of three medical buildings in Missouri: 5551 Winghaven, in O’Fallon, 969 North Mason St. and 909 North 14th St. both in St. Louis, as well as two in Texas: 180 Bear Creek Parkway in Keller and 1722 9th Street in Wichita Falls. Medical Portfolio 2 was acquired from affiliated entities of The Cirrus Group.

Last week amongst news of several transactions, CPN reported that after a series of high level personnel shufflings, former Grubb & Ellis Co. board chairman Anthony Thompson, who helped engineer a blockbuster merger with NNN Realty Advisors and is still the company's second-largest stockholder, is maneuvering to rejoin the firm’s board of directors.

 
Recent Seniors Housing Headlines
Parkbridge Completes $32M Financing, Closes on Seniors Communities
Oct. 07, 2008
Parkbridge Lifestyle Communities Inc. has announced the completion of a $32 million financing of one of its properties. The financing generated net proceeds of $13.2 million after repayment of a pre-existing first mortgage loan and associated transaction costs. The net proceeds were used to repay a $9 million secured facility and to partially repay amounts drawn under the corporation's operating lines.
torrey pines HCP Completes Integration of $3B Slough Portfolio
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About six weeks after concluding its offering of 14.95 million shares of common stock, Long Beach-headquartered HCP Inc. has completed the integration of its $3 billion acquisition of Slough Estates USA Inc. that closed in August 2007. The Slough portfolio is primarily located in San Diego and San Francisco, two of the three largest life science clusters in the country.
Sunrise to Take its Innovative Independent Living Brand to Denver Area
Sept. 26, 2008
Sunrise Senior Living has revealed plans to open the Stratford at FlatIrons, an independent living community that will be located approximately 15 miles from Denver in Broomfield, Colo.
Omega Transfers Operations of 13 Facilities to Affiliates of Formation Capital; Genesis Healthcare to Manage
Sept. 09, 2008
Omega Healthcare Investors Inc. has announced that it completed the operational transfer of 13 skilled nursing facilities to affiliates of Formation Capital as part of its deal disclosed August 7.
 

 

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