Grubb & Ellis Purchased Another Medical Office Building in Sylva, NC

November 22, 2010 / Elizabeth Buckley, Commercial Property Analyst

A Class A single-tenant, 45,000-square-foot medical office building in Sylva, North Carolina is recently acquired by Healthcare real estate investment trust— Grubb & Ellis. The three-storey Sylva Medical Office Building is located on Harris Regional Hospital’s campus in the town of Sylva, North Carolina.

Grubb & Ellis Purchased Another Medical Office Building in Sylva, NC

The medical office building is situated at 98 Doctors Drive, within the 86-bed Harris Regional Hospital’s campus. The hospital is a health care facility that caters to the residents of Jackson County, as well as to other residents in the surrounding communities.

Carolina’s Healthcare System is one of the prime healthcare associations in the Southeast area, and is owned by WestCare Health System.

Grubb & Ellis closed the deal for the acquisition on November 15, 2010 for $11.4 million. It acquired the property from an unaffiliated third party, CDP-Sylva LLC represented by Doug Connell, a principal in the company’s investment group based in Atlanta.

The company got the funds to purchase the medical office building form its credit line with Bank of America, cash proceeds from public its offering and N.A.

Around $120.38 million is acquired for the company’s first public offering, selling about 12.07 million of its shares, as of the 5th of November.

Chief operating officer and president for Grubb & Ellis Danny Prosky said the company is committed to creating a diverse portfolio of revenue-creating healthcare related facilities like the medical office building, which are supportive and accretive to the company’s investor distribution.

The medical office building was rented by Harris Regional Hospital until 2025, a long-term deal, and was constructed in 2010.

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