JOPLIN, Mo. (Sept. 7, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired Joplin Long-Term Acute Care Hospital (top left photo) , a single-story, 26,000-square-foot, Class A single-tenant medical facility in Joplin. The acquisition closed on Aug. 31.
Located at 2040 W. 32nd St., at the heart of the “Four State Area” where Missouri, Oklahoma, Arkansas and Kansas converge, Joplin Long-Term Acute Care Hospital is less than one mile from St. John’s Regional Medical Center (middle right photo), the region’s leading healthcare provider and a significant source of referral patients.
Built in 2007, Joplin Long-Term Acute Care Hospital is leased by Landmark Holdings of Missouri, LLC, which signed a long-term lease through 2025.
The Joplin facility is the second of a $42 million, four-property portfolio of regional long-term acute care hospitals being acquired by Grubb & Ellis Healthcare REIT II.
A similar facility in Cape Girardeau was acquired by the REIT on Aug.12 and two other facilities, one in Columbia and one in Athens, Ga., are currently under contract.
“They enjoy very limited competition, have strong relationships with major healthcare systems, and provide stable long-term income that is immediately accretive and supportive of our investor distribution.”
Creative Health Capital, LLC represented the seller, White Oaks Real Estate Investments, LLC, an unaffiliated third party, in the transaction. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering and $8 million in borrowings under its line of credit with Bank of America, N.A.
Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com
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