Grubb & Ellis Healthcare REIT, Inc. announced the acquisition of Vista Professional Center in Lakeland, Fla (see also Grubb & Ellis Healthcare REIT, Inc.).
Located at 3035, 3037, 3131, and 3133 Lakeland Hills Blvd., the Class A medical office complex is comprised of four identical buildings. Each building has approximately 8,000 square feet of gross leaseable area, totaling 32,000 square feet. Built in 1996 and 1998 on approximately 4.64 acres, the buildings are cumulatively 90 percent leased to a number of tenants, including First Service Administrators, Inc. and Pediatric Health Choice.
Vista Professional Center is located in close proximity to one of the region's leading hospital, Lakeland Regional Medical Center, the main location of Watson Clinic LLP, a private medical group founded in 1941, and multiple Watson Clinic locations. The acquisition is also approximately one mile away from Central Florida SurgiCenter, acquired by Grubb & Ellis Healthcare REIT as a part of our Medical Portfolio 1 in February 2008.
'Vista Professional Center is located in the midst of a thriving medical district near a busy hospital and multiple clinics,' said Danny Prosky, Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. 'We prize medical office assets that benefit from these types of location dynamics and believe Vista Professional Center is a valuable addition to our quickly expanding portfolio.'
Lakeland Regional Medical Center is a 750-bed hospital offering various services, including mental health, orthopedic and robotic surgery. Cancer Care Services at Lakeland Regional Medical Center is the area's first comprehensive center of its kind, offering integrated and accessible care. Watson Clinic, LLP has multiple locations in the Lakeland area, including: the main Watson Clinic location, the Center for Cancer Care & Research, the Watson Clinic Center for Rehabilitative Medicine and the Women's Center.
Vista Professional Center hosts a curved drive-thru for easy access and a contemporary design with a glass facade. The property is in close proximity to Highway 33 as well as various retail, medical, professional and hotel establishments.
Vista Professional Center was acquired through utilization of the line of credit held by Grubb & Ellis Healthcare REIT.
As of March 21, 2008, Grubb & Ellis Healthcare REIT has sold approximately 26.4 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $264 million through its initial public offering, which began in the third quarter of 2006.
Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent annum and, as of March 28, 2008, has made 26 geographically-diverse acquisitions with a total portfolio valued at approximately $484 million.
Keywords: Grubb & Ellis Healthcare REIT, Inc., Pediatric, Mergers, Acquisitions, Business
This article was prepared by Health & Medicine Week editors from staff and other reports. Copyright 2008, Health & Medicine Week via NewsRx.com.