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Grubb & Ellis REIT Buys Vista Professional Center. - Health & Beauty Close-Up

HEALTH AND BEAUTY CLOSE-UP-9 April 2008-Grubb & Ellis REIT Buys Vista Professional Center(C)2008 - CloseUpMedia - newsdesk@closeupmedia.com

Grubb & Ellis Healthcare REIT announced the acquisition of Vista Professional Center in Lakeland, Fla.

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 and Pediatric Health Choice.

Vista Professional Center is located in close proximity to one of the region's hospital, Lakeland Regional Medical Center, the main location of Watson Clinic, 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 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.'

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