(Houston, TX) – Medistar Corporation (the “Company”) announced that it has sold the Heartland Rehabilitation Hospital property to Carter Validus Mission Critical REIT II, Inc. on February 17th 2015. The rehabilitation hospital is located in Overland Park, Kansas.
The Heartland Rehabilitation Hospital is a newly-built, 45-bed in-patient rehabilitation facility (“IRF”) that is located on 4.28 acres and measures approximately 54,568 square feet in net rentable area. The IRF will provide physical, psychological, social and vocational rehabilitation services for patients, and is 100% leased to Heartland Rehabilitation Hospital, LLC, a newly-formed operating subsidiary of Post-Acute Medical, LLC (“PAM”), an owner/operator of eight IRFs and Long-Term Acute Care Hospitals in Texas and Louisiana. PAM is an affiliate of Vibra Healthcare, LLC.
“The Heartland Rehabilitation Hospital was designed to provide quality care to patients using leading technologies in rehabilitation medicine,” said Michael Seton, President and Chief Investment Officer of Carter Validus Advisors II, LLC. “We were honored to work with our longstanding development partner, Medistar, on this project and are proud to add this leading-edge facility to Carter Validus Mission Critical REIT II’s portfolio of mission critical assets. We believe quality investments, such as this one, which align well with our acquisition strategy, add tremendous value to our company and to our investors.”
“The Heartland Rehabilitation Hospital is important to the growth of Medistar’s continuing partnerships with Carter Validus and Post-Acute Medical, and was developed for the benefit of its many stakeholders. Overland Park and its neighboring community deserve a modern rehabilitation hospital where patients and their families are very well taken care of in a safe, high-quality healing environment, and where physicians’ dedication and commitment to the well-being of patients is appreciated,” said Monzer Hourani, Founder and Chief Executive Officer of Medistar Corporation.
About Medistar:
Medistar Corporation (www.MedistarCorp.com) is a full-service medical real estate development company that primarily specializes in the design, development, financing, acquisition and construction of hospitals, medical office buildings and related facilities for the healthcare industry nationwide.
About Carter Validus Mission Critical REIT II, Inc.:
Carter Validus Mission Critical REIT II, Inc. is a public, non-traded company that intends to qualify as a real estate investment trust (“REIT”). The Company intends to acquire mission critical real estate assets located throughout the United States and abroad. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants. Carter Validus Mission Critical REIT II, Inc. intends to focus its acquisitions on mission critical assets in the data center and healthcare sectors.
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