4/2/2008

Grubb & Ellis pays $11.2M for Houston medical office building

by
Grubb & Ellis Healthcare REIT has continued its acquisitions of medical properties with the purchase of the Cypress Station Medical Office Building in Houston, Texas for $11.2 million from NHP Cypress Station Partnership, LP.

The building is located at 1140 Cypress Station and is situated on 2.6 acres. Cypress Station contains 54,000 rentable square feet and was 100 percent leased at the time of sale. The acquisition was financed with a secured loan of $7.3 million from National City Bank and $4.5 million in borrowings under a line of credit with LaSalle Bank.

Earlier this year, Grubb & Ellis Healthcare REIT paid $14 million for the Liberty Falls Medical Plaza in Liberty Township, Ohio and the Epler Parke Building B in Indianapolis, Ind.

Address: 1140 Cypress Station, Houston, Texas

Size: 54,000 square feet

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Filed Under: Office

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