Investors buy 2 Deaconess office buildings
Investors buy 2 Deaconess office buildings

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By Richard Mize
Published: September 25, 2008

Grubb & Elis Healthcare REIT Inc., a real estate investment trust, has bought two medical office buildings on the Deaconess Hospital campus in northwest Oklahoma City.

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The trust paid $29.25 million for the properties, said a spokesman for the seller, Dallas-based Altera Development Co.

Oklahoma City's Grubb & Ellis-Levy Beffort will handle day-to-day management and leasing of the buildings, principal Mark Beffort said.

Deaconess Hospital and physicians retained 30 percent interest in the two buildings — Deaconess South at 5401 N Portland Ave. and Deaconess North at 5701 N Portland Ave. — in 2006 when Dallas-based Altera Development Co. quietly paid $9.8 million for a 70 percent interest in the properties.

Altera described the 2006 transaction as a "lease-to-own structure” to "create value and stabilize cash flow.” The Dallas developer added 60,000 square feet — three floors — to Deaconess South, which was designed for vertical expansion when built in 1996. Deaconess North, built in 1991, was not expanded.

A spokesman for Altera could not be reached for comment.

Deaconess South, with 134,220 square feet, had an estimated market value of $8.63 million and Deaconess North, with 45,904 square feet, had an estimated market value of $4.07 million, according to the Oklahoma County Assessor's Office.

Buildings called ‘attractive additions'
Grubb & Ellis said the buildings were a great addition to the investment trust's national portfolio of 111 buildings valued at $820 million.

"These buildings are positioned in an excellent location on a busy hospital campus, making them particularly attractive additions” to the trust's holdings, Danny Prosky, executive vice president of acquisitions, said in a press release.

The purchase, he said, "ideally corresponds” with the trust's strategy of investing in income-producing health care-related real estate.


 

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So the docs and Altera cashed out...no problem.
Chris, Jones - Sep 25, 2008 at 3:37 pm

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