Carter Validus Mission Critical REIT II, Inc. (CVMCR II) recently acquired a rehabilitation hospital in Overland Park, Kansas for $24.5 million plus closing costs. The property, sold by Medistar Corporation a full-service medical real estate development company, is 100% leased to Heartland Rehabilitation Hospital, LLC (HRH).
“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,” commented Michael Seton, President and Chief Investment Officer of Carter Validus Advisors II, LLC, the REIT’s advisor.
The building was constructed in 2014 and consists of 45 in-patient beds and 54,568 net rentable square feet on 4.28 acres.
As an in-patient rehabilitation facility (IRF), patients will receive physical, psychological, social, and vocational rehab services.
“The Heartland Rehabilitation Hospital was designed to provide quality care to patients using leading technologies in rehabilitation medicine,” added Seton.
The lessee, HRH, is a newly-formed operating subsidiary of Post Acute Medical, LLC, which owns and operates eight IRFs and long-term acute care hospitals in Louisiana and Texas.
Seton says, “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.”
CVMCR II is a $2.35 billion public offering that launched in May 2014, offering both Class A and T shares. Through February 19, 2015, the REIT had raised $114 million in gross proceeds.