Grubb & Ellis REIT buys California office building

United HealthCare Services leases space

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Grubb & Ellis has acquired a five-story Class A office building in Cypress, Calif., for an undisclosed price. The property, which sits on about five acres at 5995 Plaza Dr., consists of about 104,000 square feet of building space, is leased to United HealthCare Services Inc., which provides network-based health and well-being services. The building was acquired from an unaffiliated institutional investor, and the Grubb & Ellis Healthcare REIT financed the acquisition through its line of credit and through money raised in the company's initial public offering. The REIT has sold 32.8 million shares of stock and raised about $328 million since its launch in third-quarter 2006....