In the latest of a series of acquisitions and investment moves, Grubb & Ellis Healthcare REIT II, Inc. recently announced the addition of Maxfield Medical Office Building, located in Florida, to its portfolio.
The 41,000 square foot building is on the Doctors Hospital of Sarasota campus, and is located next to the 168-bed hospital. Grubb & Ellis says the property is 91% leased to six tenants that provide a variety of medical services including orthopedic surgery, neurosurgery and spine services, internal medicine, primary care, rehabilitation, and home health services; of these, half are affiliated with Doctors Hospital of Sarasota and another nearby hospital, Sarasota Memorial Hospital.
“When evaluating medical office buildings for potential acquisition, we look for a facility that is on the campus of a thriving medical center that is owned and operated by the industry’s best practitioners,” said Danny Prosky, president and chief operating officer of the REIT. “Maxfield Medical Office Building fit our selection criteria to a tee and is an excellent addition to our rapidly growing portfolio of clinical healthcare properties.”
Grubb & Ellis, represented by Manfred Welfonder of MW Development & Investment Advisory, Inc., acquired the office building from Maxfield Medical Building, LLC, which was represented by Duane Henderson of Wagner Realty. The company financed the new property with a $5.12 million loan assumption and cash proceeds received from its offering.
Since March 31, 2011, Grubb & Ellis says its portfolio has increased by more than 81%, with its property portfolio holding a debt equal to 24.7% of its value. To date, Grubb & Ellis has made 23 acquisitions consisting of 54 buildings, which are valued at approximately $418.7 million.
Written by Alyssa Gerace