POCATELLO, ID-Grubb & Ellis Healthcare REIT II Inc. has closed on its purchased of a 98.75% interest in Pocatello East Medical Office Building, a four-story 76,000-square-foot facility in Pocatello. According to the company’s 8-K filing with the SEC, the REIT paid $15.8 million
The class A multi-tenant facility is located at 777 Hospital Way. Pocatello East Medical Office Building is attached to the 250-bed Portneuf Medical Center, the only acute care facility within 50 miles.
A significant renovation and expansion project is currently underway that will add an additional 300,000 square feet to the medical center in mid-2011. “We believe the acquisition of Pocatello East Medical Office Building is a home run for Grubb & Ellis Healthcare REIT II,” says Danny Prosky, president and chief operating officer.
He adds that the facility is physically attached to the region’s largest medical center, is only three years old, and is fully leased through 2018, “providing the REIT with steady and accretive income that supports our stockholder distribution.”
Built in 2007, the property is 100% leased to Pocatello Health Services LLC and Pocatello Hospital LLC. Both tenants are signed to long-term leases through 2018 and 2019, respectively. Philip J. Camp and Laca Wong Hammond of Shattuck Hammond Partners represented the seller, an unaffiliated third party, in the transaction. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering and $5 million in borrowings under its line of credit with Bank of America N.A.
Grubb & Ellis Healthcare REIT II is seeking to raise up to approximately $3 billion in equity and to acquire a diversified portfolio of real estate assets, focusing primarily on medical office buildings and other healthcare-related facilities.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
