HEALTHCARE REIT ACQUIRES SEVEN MEDICAL OFFICE ASSETS FOR $77 MILLION
By John Mugford
During a time when medical office building (MOB) sales are slowing because of the current commercial credit crunch, Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT acquired two MOB portfolios in September with a total of about 404,000 square feet of space.
The healthcare real estate investment trust (REIT), which is part of Grubb & Ellis Co. (NYSE: GBE), paid a total of about $77 million for the seven buildings, all of which are on or near hospital campuses.
On Sept. 22, Grubb & Ellis purchased a two-building portfolio on the campus of Deaconess Hospital in Oklahoma City. According to a news release from Grubb & Ellis, the REIT acquired the properties for $29.25 million from Deaconess Portland MOB LP.
A local news report indicated that the REIT purchased the properties from Dallas-based Altera Development Co., which had acquired the properties in 2006.
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