The 150-bed, 62,000 square foot Brightpointe at Rivershire transitional care facility is optimally located west of the Conroe Regional Hospital Campus
Pisula Development Company recently announced the acquisition of Brightpointe at Rivershire, a 150-bed transitional care facility at 604 S. Conroe Medical Drive in Conroe, Texas, near Houston. (Photo courtesy of Pisula Development Company)
THE WOODLANDS, Texas, Aug. 23, 2017 – The Woodlands-based Pisula Development Company recently announced the acquisition of Brightpointe at Rivershire, a 62,000 square foot, 150-bed transitional care facility in the Houston suburb of Conroe, Texas.
The acquisition of the two-story transitional care facility was completed by Conroe SNF Real Co. LLC, a joint venture between Pisula Development, Harrison Street Real Estate (HSRE) and local physicians. The transaction closed March 16. The single-tenant facility, located on 3.04 acres west of the Conroe Regional Hospital Campus at 604 S. Conroe Medical Drive, is leased by a joint venture of OnPointe Health and local physicians. Construction on the facility was completed December 2016.
“Although this is a new product type for our group, this followed our strategy of partnering with local physicians and strong operators to create a targeted real estate solution to satisfy a market need,” said Tom Pisula, President and CEO, Pisula Development Company.
Brightpointe at Rivershire serves as a transitional care facility for patients requiring medical and physical rehabilitation after a hospital stay, with a goal to return patients to independent, full recovery in their home setting.
The property is managed by an affiliate of Pisula Development Company. The lender in the transaction was Woodforest National Bank.
About Pisula Development Company
Pisula Development Company is the development arm of RRC Medical Real Estate LLC (RRC), a full-service, commercial real estate firm with offices in Texas, Colorado and Pennsylvania. RRC’s headquarters are located in The Woodlands, Texas, a suburb of Houston. RRC provides property, asset and facilities management services for over 1.9 million square feet of commercial real estate. Through its Pinecroft Realty LLC subsidiary, RRC provides leasing and brokerage services. RRC strives to provide these services in a cost-effective manner while creating an alignment of interest among all parties. RRC is also committed to developing energy efficient buildings when possible. As a recognized leader and innovator in the industry, RRC continues to attract and retain a distinguished and growing roster of tenants, lenders and investment partners. For more information, please visit www.PinecroftRealty.com.
About Harrison Street Real Estate Capital LLC
Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 100+ person team with approximately $12.2 billion in assets under management. For more information, please visit www.HarrisonSt.com.
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