PHILADELPHIA-Grubb & Ellis Healthcare REIT II, Inc. is purchasing a portfolio consisting of five skilled-nursing facilities for $75 million. The entire portfolio is 392,000 square feet and contains 1,200 beds. The five properties are master-leased by Mid-Atlantic Health Care, LLC until 2026. The leases have a consecutive three-to-five-year renewal and 59-month renewal option. Mid-Atlantic manages the property and is responsible for operations and maintenance expenses.

A Grubb & Ellis representative notes that the REIT is “fairly passive owners of the portfolio” and it was acquired as accretive of the bottom line or a slam-dunk acquisition, fitting into the REITs parameters. The intention is to own the portfolio for a longer-term, but Grubb notes that it is dependent upon the board and the market for those kinds of decisions.

The Healthcare REIT is designed to continue raising equity and acquiring properties until August 2012, after which it was re-evaluate whether to extend the acquisition time and continue raising more equity over the following 15 to 16 months. Previous to this acquisition, REIT II has acquired a total of 30 properties for the portfolio consisting of six hospitals, 14 medical office buildings and 10 skilled nursing facilities. Grubb estimates that the modified funds from operation for 2Q11 for the Healthcare REIT are just above $2.4 million.