{"id":1004034546,"date":"2011-12-01T06:42:26","date_gmt":"2011-12-01T14:42:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034546"},"modified":"2022-12-08T16:47:31","modified_gmt":"2022-12-09T00:47:31","slug":"amid-changes-furloughs-at-grubb-healthcare-reit-picks-up-112m-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/amid-changes-furloughs-at-grubb-healthcare-reit-picks-up-112m-portfolio\/","title":{"rendered":"Amid Changes, Furloughs at Grubb, Healthcare REIT Picks up $112M Portfolio"},"content":{"rendered":"

December 1, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

Amid the process of furloughing a small percentage of its workforce \u2013 with more cuts to come in the next few weeks \u2013 Grubb & Ellis Co. is seeing at least one part of its investment arm make some positive moves. Grubb & Ellis Healthcare REIT II Inc., a non-traded REIT with a board of directors independent from Grubb, has purchased an eight-property medical-office portfolio for $112 million.<\/p>\n

The offices, built between 1996 and 2008, are located in Arizona, California, Florida, Georgia, South Carolina, Texas and Washington, and together total approximately 451,000 square feet. The REIT\u2019s president & COO, Danny Prosky, saw an opportunity in the hot medical-office market, noting that his firm is \u201caggressively acquiring quality, income-generating healthcare properties throughout the country and expects to own a portfolio of 73 buildings valued at nearly $710 million \u2026 in the next few months.\u201d<\/p>\n

And the next few months will bring many changes for the REIT, Commercial Property Executive<\/em> has learned. An industry source familiar with the workings of the deal told CPE <\/em>that, in addition to the 24 corporate-office Grubb workers furloughed before Thanksgiving, the same fate will await some in satellite offices in the coming weeks. The source noted that, since Grubb & Ellis\u2019 attempt to find a buyer is still in the works \u2013 the firm is 30 days through a review process with NYC-based C-III Capital Partners and Colony Capital L.L.C. \u2013 things are far from certain at this point.<\/p>\n

What is certain, however, is that Grubb & Ellis Healthcare REIT II will become Griffin-American Healthcare REIT II as of Jan. 8, 2011. At that time, the REIT\u2019s sponsorship will be transferred to an arrangement with American Healthcare Investors L.L.C. and Griffin Capital Corp.<\/p>\n

A report by services firm Marcus & Millichap Real Estate Investment Services Inc. expects that demand for medical-office properties will remain strong over the long term, noting that \u201cat 11.5 percent, medical-of\ufb01ce vacancy has retreated 70 basis points from its late-2009 peak, though it remains 140 basis points above pre-recession levels.\u201d Fortunately, demand will stay poised for strong growth, with the 65-year-old-plus segment of population forecast to expand by 36 percent, or 15 million individuals, over the next 10 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid the process of furloughing a small percentage of its workforce, Grubb & Ellis is still seeing one of its vehicles — Grubb & Ellis Healthcare REIT II — purchase an eight-property medical-office portfolio for $112 million.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21783,21754,21742,21747,37776,37777,37778,15],"tags":[],"class_list":["post-1004034546","post","type-post","status-publish","format-standard","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-investment","category-medical-office","category-latest","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return","category-west"],"acf":[],"yoast_head":"\nAmid Changes, Furloughs at Grubb, Healthcare REIT Picks up $112M Portfolio - 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