Grubb & Ellis Healthcare Reit has announced the acquisition of Mountain Plains Portfolio, a two-property medical office building portfolio in San Antonio and the Houston suburb of Webster, for USD43m.

Located at 4243 E. Southcross Blvd. in San Antonio, Pecan Valley Medical Office Building consists of approximately 60,000 square feet of gross lettable area.

The two-story building is situated on approximately 3.1 acres of land and includes surgery rooms, an indoor rehabilitation pool and an imaging centre.

The medical office building is across the street from Southeast Baptist Hospital, a member of Baptist Health System, a private network of hospitals including four additional locations in San Antonio totalling approximately 1,537 beds. Built in 1998, Pecan Valley Medical Office Building is in close proximity to State Route 13 and is currently 100 per cent occupied.

Built in 2006, Clear Lake Medical Office Building is located at 250 Blossom St. in Webster. Situated on approximately 4.7 acres of land, the four-story building consists of approximately 110,000 square feet of gross lettable area and is currently 100 per cent occupied.

"With the addition of these two assets, Grubb & Ellis Healthcare Reit completed 21 healthcare acquisitions in 15 states in 2008," said Scott Peters, president and chief executive officer, Grubb & Ellis Healthcare Reit. "We continue to grow and build our portfolio for long-term value."

Pecan Valley Medical Office Building and Clear Lake Medical Office Building were acquired from unaffiliated third parties. All sellers were represented by P.J. Camp and Jay Miele of Shattuck Hammond Partners.

Grubb & Ellis Healthcare Reit is a publicly registered, non-traded real estate investment trust which offers a monthly distribution of 7.25 per cent per annum.