News Release: Carter Validus acquires Select Medical Rehabilitation Facility for about $63.6 million

The 89,000 square foot Select Medical Rehabilitation Facility is located in Marlton, N.J. (Photo courtesy of Carter Validus.)

Carter Validus Mission Critical REIT II, Inc. (“CVMC REIT II”) announced its acquisition of the Select Medical Rehabilitation Facility for approximately $63.6 million

PROPERTY FEATURES AND HIGHLIGHTS: 

• Three-story rehabilitation building located in Marlton, New Jersey built in 1995
• 89,000 total rentable square feet
• 100% net leased to Kessler Institute for Rehabilitation, Inc. (“Kessler”), a subsidiary of Select Medical Holdings Corporation (“Select Medical”), which is rated B1 by Moody’s Investors Service
• The building is slab-on-grade and steel framed with an exterior insulation and finish system
• Houses services including: inpatient physical, occupational, speech and recreational therapy as well as outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation, and vestibular therapy
• The tenant was formerly known as Marlton Rehabilitation Hospital and now does business as Kessler Institute for Rehabilitation Marlton.

“We believe the Select Medical Rehabilitation Facility is a great addition to our growing portfolio. The facility benefits from its on-campus location and is directly connected to one of its primary referral sources, Virtua Marlton Hospital. We are pleased to align ourselves with Kessler and Select Medical on this transaction and anticipate it will bring additional value to CVMC REIT II,” said Michael A. Seton, President of CVMC REIT II.

“We are delighted to add another high-quality, long-term net leased asset to our healthcare portfolio,” said John Carter, Chief Executive Officer of CVMC REIT II. “We continue to be enthusiastic about our growing pipeline of accretive assets and the value we believe transactions such as this are adding for investors.”