DALLAS-Cornerstone Healthcare Plus REIT has acquired a 42-bedinpatient rehabilitation facility for $14.75 million in an all-cashtransaction.

|

The Irvine, CA-based non-traded REIT bought the40,000-square-foot property from local owner The Cirrus Group. Theproperty is leased under a long-term triple-net lease toGlobalRehab LP, a physician-run rehabilitation operator, throughFebruary 2024 with two additional five year renewaloptions.

|

Built in 2008, the facility is located at 1340 EmpireCentral Dr., about 2.5 miles from UT Southwestern Medical Centerand Parkland Memorial Hospital. The two large hospitals serve asthe facility’s primary referral source.

|

The facility is GlobalRehab’s second inpatient rehabilitationfacility and currently has roughly 30 physician partner-owners andmore than 150 physicians on staff actively referring patients.These types of facilities treat patients that are recovering fromsignificant injuries or are suffering from chronic conditions thathave impaired their physical functioning.

|

“We believe good real estate is about finding tenants thatprovide good healthcare care delivery,” says John Mark Ramsey, CEOof Servant Healthcare Investments, which serves as the REIT’strategic alliance partner and sub-advisor. The Orlando, FL-basedcompany sources all transactions for the REIT including bothdevelopment and acquisitions, serves as the single point of contactfor sellers and provides asset management services, as well.

|

“We like the physician-owned model because we’re believers inphysician-influenced care delivery,” Ramsey tells GlobeSt.“GlobalRehab’s results have been exceptional. They have goodunderstanding of where healthcare delivery is going.”

|

Ramsey notes that over the next couple decades, healthcareproviders will increasingly treat health conditions associated withaging, which will increase the demand for rehabilitativetherapy.

|

Cornerstone Healthcare Plus REIT was launched by Irvine,CA-based Cornerstone Real Estate Fund in 2008. Since then, the REIThas completed eight transactions totaling $101.2 million, Ramseysays. In addition, it has two additional properties under contracttotaling $26 million.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.