TRUST OFF AND RUNNING WITH DEAL IN MINNESOTA
By John Mugford
Grubb & Ellis Healthcare REIT II says it has agreed to make its first
acquisition: the Center for Neurosurgery and Spine near St. Cloud, Minn.
Photo courtesy of Central Minnesota Neurosciences
Here comes Grubb & Ellis Healthcare REIT II. The newly formed, privately held real estate investment trust (REIT) recently entered an agreement to make its first medical office building (MOB) acquisition: a 36,600 square foot, two-building facility in Sartell, Minn.
The Santa Ana, Calif.-based REIT has agreed to purchase the Center for Neurosurgery and Spine for $6.5 million. The buildings sit on a 3.7-acre site in a suburb of St. Cloud, Minn., which is about an hour north of Minneapolis. The seller of the property is St. Cloud-based Stingray Properties LLC.
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