Birmingham, Ala. – The Sanders Trust (TST), one of the nation’s leading healthcare real estate investment companies, announced its acquisition of the real estate associated with three inpatient rehabilitation hospitals in Austin, Dallas, and Houston, Texas totaling 191,800 square feet.
Each of the inpatient rehab facilities is operated by affiliates of HealthSouth Corporation through longterm net leases. Birmingham, Alabama-based HealthSouth is one of the nation’s largest providers of post-acute healthcare services, using today’s most advanced therapeutic methods and technologies. HealthSouth Rehabilitation Hospital at Round Rock in the metro-Austin area has 75 licensed beds, HealthSouth Rehabilitation Hospital of Richardson in the metro-Dallas area has 50 beds, and HealthSouth Rehabilitation Hospital Vision Park in the metro-Houston area has 60 beds.
The $111.5 million acquisition was completed on Wednesday, July 20, 2016 when fellow Birmingham, Alabama company Medical Properties Trust (NYSE: MPW) and its affiliates sold the real estate for the referenced hospitals to The Sanders Trust in a joint venture with its Chicago-based capital partner Harrison Street Real Estate Capital, LLC. JLL Healthcare Capital Markets Group brokered the sale on behalf of Medical Properties Trust. Financing for the deal was arranged by First Tennessee Bank, with other participants including Iberia Bank, Synovus Bank, and Renasant Bank.
“We have previously acquired or redeveloped numerous rehab facilities across the country, and are pleased to be able to continue to do so as part of our long-term strategy,” stated Rance Sanders, president and CEO of The Sanders Trust. “These three properties are strong performing assets and are well located in affluent, growing communities in key Texas markets, adding tremendous value to our core portfolio. We are especially pleased to expand our relationship with HealthSouth, an organization nationally recognized for delivering high quality patient care.”
About the Sanders Trust
The Sanders Trust develops and acquires medical office buildings, inpatient rehabilitation hospitals and specialty hospitals nationwide. Headquartered in Birmingham, Alabama, The Sanders Trust has been a recognized leader in the investment community for healthcare clients since its inception in 1989 and has developed or acquired numerous medical properties in 21 states valued at more than $1 billion. For more information on The Sanders Trust, visit www.SandersTrust.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately $10.9 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. Since inception, the Firm has acquired or developed over 640 properties in 45 states including over 387,000 student housing beds, more than 18,700 senior housing units, over 6.7 million square feet of medical office space, and more than 105,000 self-storage units. For more information, please visit www.harrisonst.com
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