Grubb & Ellis Healthcare REIT II to acquire the Center for Neurosurgery and Spine in Sartell

Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into an agreement to acquire the Center for Neurosurgery and Spine, a 36,600-square-foot, two-building medical office portfolio in the St. Cloud suburb of Sartell. The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.

Located at 162 19th St. South, the Center for Neurosurgery and Spine is within approximately one-half mile of CentraCare Clinic Health Plaza and three miles of the 393-bed St. Cloud Hospital. Built in 2006 on approximately 3.7 acres of land, the property is fully leased to five tenants, including Central Minnesota Neurosciences, the Center for Pain Management and Central Minnesota Center for Diagnostic Imaging.

"The Center for Neurosurgery and Spine is completely occupied and well-located near the region's largest hospital, making it an ideal acquisition for Grubb & Ellis Healthcare REIT II," said Jeff Hanson, chairman and chief executive officer.

The Center for Neurosurgery and Spine benefits from its proximity to St. Cloud Hospital, the largest full-service medical center in central Minnesota. St. Cloud Hospital, founded in 1886, serves a population of approximately 640,000 people in a 12-county area. The hospital has been named a Thomson Reuters Top 100 Hospital and recognized as one of "America's Best Hospitals" by U.S. News & World Report. CentraCare Clinic Health Plaza houses St. Cloud Hospital outpatient services.

"Not only is the Center for Neurosurgery and Spine well located near a large hospital, it is also in the heart of a thriving community with growing demand for healthcare services," said Danny Prosky, president and chief operating officer. "As we begin to build a diverse portfolio of healthcare-related properties, these are among the key traits we will seek to identify among our potential acquisitions."