TIC Buyers Take Jacksonville Med Plaza

Currently 97% leased, the 24-year-old plaza was renovated in 1995 and is adjacent to Memorial Hospital Jacksonville. Tenants serve both the neighboring hospital and Brooks Rehabilitation Hospital, with parking available for more than 600 vehicles.

Jeff Hanson, president and chief investment officer of Santa Ana, CA-based Grubb & Ellis Realty Investors, tells GlobeSt.com that the plaza's proximity to a major hospital and stable rent roll make it ideal for TIC investors. Memorial Hospital is a 353-bed acute care hospital with approximately 700 physicians in 15 medical specialties.

"We believe quality medical office space is generally an attractive option for real estate investment, considering the changing demographics of the US population and the resulting growth in demand for health care," Hanson says.

In addition to the Jacksonville acquisition, Hanson says Grubb & Ellis Realty Investors purchased the Six Forks Station multifamily community in Raleigh, NC, on behalf of TIC investors for an undisclosed price. The 32-acre property at 8601 Olde Station Drive has 321 garden-style units in 39 apartment buildings.

Grubb & Ellis Realty Investors, previously known as Triple Net Properties, is the real estate investment and asset management subsidiary of Grubb & Ellis Co. The company and its affiliates manage at least $5.7 billion worth of assets in 30 states and has completed acquisitions and dispositions totaling $10 billion over the last decade.