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As more high net worth investors are willing to go higher on the risk curve for healthcare real estate, panelists at the recent GlobeSt. Healthcare Real Estate event talk risks and whether some older assets will survive.
Upon the acquisition close, VICI entered a triple-net master lease agreement with Century under lease-terms that include an annual rent of $25 million and with an initial term of 15 years, with four 5-year tenant renewal options.
The 23,746-square-foot property features 32 residential units and one commercial unit. On the ground-floor is Corner Social Bar & Restaurant, a well-known staple and gathering spot in the neighborhood.
The locally-based REIT states that sales during that prime selling period set up their recently opened redevelopments—Fashion District Philadelphia, Woodland Mall and Plymouth Meeting Mall—for a strong holiday season.