Grubb & Ellis Healthcare REIT II Acquires $45 Million Skilled Nursing Facility Portfolio in Virginia
SANTA ANA, Calif. – September 20, 2010 – (RealEstateRama) — Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired a seven-building portfolio of skilled nursing facilities located throughout Virginia. The approximately 230,000-square-foot, 563-bed portfolio was built between 1989 and 2004. Laurel Healthcare and Kissito Healthcare operate the facilities under long-term absolute net leases. The acquisition closed on Sept. 16.
“Skilled nursing facilities in general are of great interest to us because there is a fairly constrained supply and they cater to a rapidly growing segment of our population,” said Danny Prosky, president and chief operating officer of Grubb & Ellis Healthcare REIT II. “This portfolio of skilled nursing facilities is particularly attractive to our REIT because they are leased by two exceptional operators and they provide excellent and predictable income that adds value to our stockholders.”
The $45 million acquisition is comprised of the following properties:
The Laurels of Charlottesville – Charlottesville
The Laurels of Charlottesville is a single-story skilled nursing facility constructed in 2004 comprised of 120 beds and 48,000 square feet on a 3.81-acre parcel. The property currently has a lease in place that runs through June 2016 with two additional five-year renewal options.
Bland Nursing & Rehabilitation Center – Bastian
Bland Nursing and Rehabilitation Center is a two-story facility built in 1989 that is comprised of 57 beds and 31,000 square feet on a 4.52-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.
Maple Grove Health Care Center – Lebanon
Maple Grove Health Care Center is a single-story building constructed in 1990 that consists of 60 beds and 23,000 square feet on a 4.12-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.
The Brian Center of Fincastle – Fincastle
The Brian Center of Fincastle is a single-story skilled nursing facility built in 1990 that consists of 60 beds and 27,000 square feet on a 5.55-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.
The Brian Center of Low Moor – Low Moor
The Brian Center of Low Moor is a single-story assisted living facility/skilled nursing facility constructed in 1989 comprised of 26 assisted living beds and 60 skilled nursing beds for a total of 86 beds. The facility totals 43,000 square feet on a 3.01-acre parcel with a lease in place that runs through January 2025 with two additional 10-year renewal options. The Brian Center of Low Moor is located on the campus of Alleghany Regional Hospital, a 204-bed general acute care hospital.
The Laurels of Willow Creek – Midlothian
The Laurels of Willow Creek is a single-story skilled nursing facility built in 1991 that consists of 120 beds and 38,000 square feet on a 5.28-acre parcel. The property currently has a lease in place that runs through February 2025 with two additional five-year renewal options.
The Springs Nursing Facility – Hot Springs
The Springs Nursing Facility is a single-story facility constructed in 1990 comprised of 60 beds and 20,000 square feet on a 4.67-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.
Tim Cobb of Heavenrich & Company, Inc. represented the seller, CLC RE, LLC & Albemarle Health Investors, LLC, an unaffiliated third party, in the transaction.
###
Contact: Damon Elder
Phone: 714.975.2659
Email: damon.elder (at) grubb-ellis (dot) com
