Grubb & Ellis Healthcare REIT II announced this week that it had successfully acquired the Dixie-Lobo Medical Office Building Portfolio from eight individual selling entities, all of which were directly or inderectly controlled by Seavest, Inc. The REIT financed the acquisition with a a $23.24 million loan assumption and cash proceeds received from its offering according to a Citybizlist Dallas article.
"The Dixie-Lobo Medical Office Building Portfolio epitomizes what Grubb & Ellis Healthcare REIT II values in medical office acquisitions," said Danny Prosky, president and chief operating officer. "They are all located on thriving hospital campuses with long-term stabilized tenancy, are immediately accretive to our bottom line and supportive of our investor distribution. We are very pleased to add these properties to our high quality portfolio of clinical medical buildings."
The portfolio covers 10 medical office buildings in Arkansas, Louisiana, New Mexico and Texas totaling more than 156,000 square feet. The properties include:
- 302 Bill Clinton Drive, Hope, Ark. A single-story, 9,000-square-foot property on the campus of Medical Park Hospital.
- 1920 W. Sale Road, Lake Charles, La. A single-story, 15,000-square-foot building on the campus of Women & Children's Hospital.
- 2420 W. Pierce St., Carlsbad, N.M. A two-story, 24,000-square-foot building on the campus of Carlsbad Medical Center.
- 5419 N. Lovington Highway, Hobbs, N.M. A single-story, 15,000-square-foot building on the campus of Lea Regional Medical Center.
- 2510 & 2420 E. Main St., Alice, Texas. Two single-story buildings totaling 25,000 square feet on the campus of Christus Spohn Hospital Alice.
- 302 Medical Park Drive, Lufkin, Texas. A single-story, 15,000-square-foot building on the campus of Woodland Heights Medical Center.
- 110 Medical Drive, Victoria, Texas. A single-story, 33,000-square-foot building on the campus of De Tar Hospital North.
- 2112 Regional Medical Drive, Wharton, Texas. Two single-story buildings totaling 20,000 square feet on the campus of Gulf Coast Medical Center.
For more news and information visit Blumberg Capital Partners.
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