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Grubb REIT Eyes $167M Nursing Portfolio Buy

ATLANTA-Grubb's Damon Elder tells GlobeSt.com's Jennifer LeClaire that the firm's biggest challenge is finding performing properties with cap rates that will be accretive and cover a 6.5% annual distribution.

By Jennifer LeClaire | Updated on October 09, 2011

ATLANTA-Grubb & Ellis Healthcare REIT has agreed to acquire Southern Skilled Nursing Facility Portfolio for $166.5 million. The portfolio includes 10 skilled nursing facilities in Alabama, Georgia, Louisiana and Tennessee. Grubb expects the deal to close in the next 30 to 60 days.

The Southeastern Skilled Nursing Facility Portfolio spans nearly 460,000 square feet and 1,364 beds. The facilities range in size from 20,000 square feet to 82,000 square feet, with an average size of 46,000 square feet. Built between 1969 and 1999, the 10 buildings are master leased through 2026 by Wellington Healthcare Services LP.

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