BETHESDA, MD–Global Medical REIT announced recently that it entered into a contract to purchase from SDB Partners the Carrus Specialty Hospital and the Carrus Rehabilitation Hospital, both located in Sherman, Texas, for $26 million. The two properties, a physician-owned post-acute care facility and an inpatient rehabilitation facility, respectively, total 81,352 square feet, including 17,529 square feet of shell space. As part of the deal Global Medical REIT has agreed to a tenant improvement allowance of $2 million and up to $5 million for expanding the facility.
The REIT will fund this acquisition from its revolving credit facility.
Read Global Medical REIT Upsizes Credit Facility to $200M
The properties are leased by two operators affiliated with the seller and when the deal closes, Global Medical REIT will enter into a new, 20-year triple net lease with the seller, which will, in turn, enter into two separate subleases with operators.
The initial rent will be based on a capitalization rate of 8.8%.
$315M in Real Estate Investments
By now this acquisition — any acquisition — by Global Medical REIT should come as little surprise to company watchers, as it has been steadily acquiring hospital and medical care facilities for the last year or so.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
