Grubb & Ellis Healthcare REIT II buys Maxfield Medical building

BUYER: G&E HC REIT II Maxfield Sarasota Mob LLC

SELLER: Maxfield Medical Building LLC

PROPERTY: 5831 Bee Ridge Road, Sarasota

PRICE: $7.2 million

PREVIOUS PRICE: $6 million, January 1993

LAW FIRM ON DEED: Kaplan & Frank PLC Richmond, Va.

PLANS, DESCRIPTION: Grubb & Ellis Healthcare REIT II Inc. purchased the 41,000-sqaure-foot Maxfield Medical Office Building for $7.2 million.

The price equated to $176 per square foot.

The three-story building is adjacent to the 168-bed Doctors Hospital of Sarasota. Built in 2001, the building is 91% leased to six tenants, who provide orthopedic surgery, neurosurgery, spine services, internal medicine, primary care, rehabilitation and home health services. Half of the tenants are affiliated with both Doctors Hospital of Sarasota and nearby Sarasota Memorial Hospital.

“When evaluating medical office buildings for potential acquisition, we look for a facility that is on the campus of a thriving medical center that is owned and operated by the industry's best practitioners,” Danny Prosky, president and chief operating officer of Grubb & Ellis Healthcare REIT II says in a press release. “Maxfield Medical Office Building fit our selection criteria to a tee and is an excellent addition to our rapidly growing portfolio of clinical healthcare properties.”

Duane Henderson of Wagner Realty represented the seller, Maxfield Medical Building LLC, and Manfred Welfonder of MW Development & Investment Advisory Inc. represented the buyer.

The real estate investment trust appears to be finding the Sarasota-Manatee medical office market a particularly hospitable buying environment. Earlier this year, it purchased the 57,563-square-foot Lakewood Ranch Medical Office Building I next to Lakewood Ranch Medical Center for $12.5 million or $217 per square foot.

Grubb & Ellis Healthcare REIT II financed the purchase with a $5.12 million loan assumption and cash.

Grubb & Ellis Healthcare REIT, sponsored by Grubb & Ellis Co., has made 23 acquisitions covering 54 buildings valued at $418.7 million.