SANTA ANA, Calif., April 3, 2008 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC has acquired Jacksonville Medical Plaza in Jacksonville, Fla. on behalf of tenant-in-common investors.
Jacksonville Medical Plaza consists of two multi-tenant medical office buildings comprised of approximately 132,000 square feet situated on more than 11 acres. Built in 1974 and renovated in 1995, the property is adjacent to Memorial Hospital Jacksonville, one of the city's major hospitals, and offers tenants and visitors ample parking with nearly 600 spaces, resulting in a parking ratio of 4.5 spaces per 1,000 square feet.
Jacksonville Medical Plaza is currently 97 percent leased to multiple tenants, including Memorial Hospital Jacksonville and Brooks Rehabilitation Hospital.
"This asset's proximity to Memorial Hospital Jacksonville and stable rent roll make it an ideal investment for tenant-in-common investors," explained Grubb & Ellis Realty Investors President and Chief Investment Officer Jeff Hanson. "Additionally, we believe quality medical office space is generally an attractive option for real estate investment, considering the changing demographics of the U.S. population and the resulting growth in demand for healthcare."
Memorial Hospital Jacksonville is a 353-bed acute care hospital owned by Hospital Corporation of America. The hospital currently employs a staff of more than 1,900 and approximately 700 physicians in 15 medical specialties.
Jacksonville is the largest city in the state of Florida, and the largest city in terms of land area in the contiguous United States. The city is the state's leading transportation and distribution hub. The strength of Jacksonville's economy lies in its broad diversification and is balanced among distribution, financial services, biomedical technology, consumer goods and other industries.
About Grubb & Ellis Realty Investors
Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company , a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $5.7 billion located throughout 30 states. One of the nation's most active buyers and sellers of commercial real estate, Grubb & Ellis Realty Investors has completed acquisition and disposition volume totaling approximately $10 billion on behalf of program investors since its founding in 1998; more than 70 percent of this volume has been transacted since Jan.1, 2005.
Grubb & Ellis Realty Investors and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investment programs, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, non-traded public real estate investment trusts (REITs), multi-member limited liability companies (LLCs) and institutional investments. Through the Grubb & Ellis Wealth Management program, Grubb & Ellis Realty Investors also offers high net worth investors a comprehensive program to build or expand their commercial real estate portfolio, whether their investment objectives are 1031 exchange driven or not.
