Healthcare: Center for Neurosurgery and Spine in Sartell purchased by health care REIT

by Arundhati Parmar for Finance & Commerce

A California health care real estate investment trust has bought the Center for Neurosurgery and Spine for $6.5 million.

Grub and Ellis Healthcare REIT II bought the 36,000-square-foot, two-building medical office located in the St. Cloud suburb of Sartell.

“It was a good deal,” said Gary Verkinnes, partner at Stingray Properties, which is a real estate development company that bought the land and constructed the buildings.

It was built in 2006 on about 3.7 acres of land. Verkinnes declined to say what his costs were to buy and develop the property, but added that Stingray Properties was not marketing it for sale. Along with three other partners, Verkinnes decided to sell it when Grub & Ellis showed interest.

“The Center for Neurosurgery and Spine is completely occupied, well-located near the region’s largest hospital and in the midst of a thriving population center with growing demand for medical care,” said Jeffrey Hanson, CEO of Grubb & Ellis Equity Advisors, in a statement. “These are key attributes that make this an ideal acquisition for Grub & Ellis Healthcare REIT II.”

The REIT is seeking to raise about $3 billion to acquire real estate assets focusing primarily on medical office buildings and other healthcare-related facilities.


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