The Sanders Trust, a healthcare real estate investment company, has acquired the real estate associated with three inpatient rehabilitation hospitals in Austin, Dallas, and Houston, Texas, totaling a combined 191,800 square feet.
Each of the inpatient rehab facilities is operated by affiliates of HealthSouth Corp. through long-term net leases. Birmingham, Alabama-based HealthSouth is a provider of post-acute healthcare services that use therapeutic methods and technologies.
The three hospitals acquired include HealthSouth Rehabilitation Hospital at Round Rock in the metro-Austin area, which has 75 licensed beds; HealthSouth Rehabilitation Hospital of Richardson in the metro-Dallas area, with 50 beds; and the 60-bed HealthSouth Rehabilitation Hospital Vision Park in the metro-Houston region.
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The $111.5 million acquisition was completed on Wednesday, when fellow Birmingham company Medical Properties Trust and its affiliates sold the real estate for the hospitals to The Sanders Trust in a joint venture with its Chicago-based capital partner, Harrison Street Real Estate Capital.
JLL Healthcare Capital Markets Group brokered the sale on behalf of Medical Properties Trust. Financing for the deal was arranged by First Tennessee Bank, with other participants including Iberia, Synovus and Renasant banks.
Rance Sanders, president and CEO of The Sanders Trust, said in a statement that acquiring and redeveloping rehabilitation facilities is part of the firm's long-term strategy.
"These three properties are strong performing assets and are well located in affluent, growing communities in key Texas markets, adding tremendous value to our core portfolio," he said.