INVESTMENT TRUST PAYS NEARLY $67 MILLION FOR ASSETS IN SEVERAL STATES
By John Mugford
Grubb & Ellis Healthcare REIT II paid $8.07 million for the Hardy Oak Medical Building in San Antonio, one of five recent acquisitions totaling $66.95 million.
Photo courtesy of Grubb & Ellis Healthcare REIT II
With 2011 off to a seemingly slow start for healthcare facility transactions, the two most active non-traded healthcare real estate investment trusts (REITs) accelerated the sales velocity with some significant purchases in the past month or so.
The two REITs making the acquisitions, Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT II and Scottsdale, Ariz.-based Healthcare Trust of America Inc. (HTA), spent a combined total of $100 million in purchasing seven buildings. Grubb & Ellis accounted for about $66.95 million of that total.
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