The assets include: Clearlake Rehabilitation Hospital, a 58,023-sf physical rehabilitation hospital located on six acres in Webster, TX; Lafayette Specialty Hospital, a 53,184-sf long-term, acute-care hospital in Lafayette, LA on 7.4 acres; and the 58,274-sf Northeast Oklahoma Rehabilitation Hospital, a physical rehab hospital is located in Tulsa, OK.
Fred Farrar, Windrose president and COO, tells GlobeSt.com that the medical office asset class has gained wider acceptance by investors in recent years. "It's a very attractive segment if you understand it," he says.
With high renewal rates and an increasing need for healthcare facilities, medical assets make for solid, lasting investments. Farrar says that the company is looking at the portfolio as a long-term hold, noting that Windrose has been public for four years, and in that time has sold only one asset.
"If you look at the markets these assets are in, the delivery of service in each of the markets, and that the leases are to a leader in rehabilitation care, you'll see the types of considerations we look for," Farrar tells GlobeSt.com. "We'll continue to hold and monitor these assets, while we hope to expand our business in rehab care."
Each hospital is subject to a separate long-term master lease to affiliates of St. Louis-based RehabCare Group Inc., a provider of rehabilitation program management services for hospitals, nursing homes and other long-term care facilities. With this acquisition, Windrose now owns 92 medical properties.
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