■ The Sanders Trust (TST) recently acquired a 40-bed inpatient rehabilitation hospital in Mishawaka, Ind. Birmingham, Ala.-based TST paid $17 million for the 46,000 square foot facility, home of the Saint Joseph Rehabilitation Institute on the Elm Road Medical Campus in Mishawaka, just outside of South Bend. The facility provides services to patients of the Saint Joseph Regional Medical Center in South Bend, South Bend Orthopedics and other local providers. Rance Sanders, president and CEO of TST, noted in a statement that the facility is located in an “area that is a vital hub for medical services for the greater South Bend marketplace.” With the purchase, TST’s portfolio comprises more than 50 medical properties with an excess of $500 million in value, based on purchase price.
■ Long View Equity Partners, a real estate private equity investment firm in Austin, Texas, recently acquired a 28,500 square foot, freestanding emergency department in Bastrop, Texas, about 30 miles southeast of Austin. The purchase price was not disclosed for the St. David’s Emergency Center – Bastrop, which is 100 percent leased to Austin-based St. David’s HealthCare System, a subsidiary of HCA Healthcare. The building is St. David’s primary destination for emergency services in Bastrop County. Scott Herbold, Chris Bodnar and Lee Asher of Healthcare Capital Markets Group of CBRE Group Inc. represented the seller. According to CBRE, the emergency facility has experienced higher than projected patient counts, revenue and inpatient referrals, along with a higher acuity index than other free-standing emergency departments since its opening in 2012. Dustin Johnson, president of Long View Equity Partners, said in a statement: “The credit tenancy along with the asset’s location in an under-served healthcare market makes this a solid investment for our income fund.”
■ Coast Medical Center in Torrance, Calif., recently traded hands for $12.1 million, or $313 PSF. The 38,665 square foot building, home to Coast Surgery Center of South Bay, is at 3445 Pacific Coast Highway. The buyer, according to RCA, is Telfair Corp., and the seller is San Diego-based Equastone LLC. The four-story building was completed in 1985 and had previously sold for $8.5 million in 2007, according to RCA. Brokering the transaction was Newport Beach, Calif.-based Voit Real Estate Services.
■ A venture managed by Noel Danto of Scarsdale, N.Y., recently acquired a property at 5117-5159 S. Ashland Ave. in the Back of the Yards neighborhood in Chicago. Mr. Danto acquired the facility, home to Access Ashland Family Health Center, from a venture that includes developer Robert Wagner for $12.3 million. According to a local report, the property includes 20,400 square feet of space in two medical buildings and a ground lease on an adjacent parcel where a new research facility is under construction. Access Ashland Family Health Center is operated by the University of Chicago Medicine Urban Health Initiative. The sale was brokered by a local office of Marcus & Millichap.
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