Florida-based Sila Realty Trust has announced the acquisition of Escondido IRF, an inpatient rehabilitation facility, in California, US, from investment management firm Harrison Street.
The transaction is valued at $63.4m.
The Escondido IRF, also known as the Palomar Health Rehabilitation Institute, was developed by a joint venture between Harrison Street and Pacific Medical Buildings.
The two-storey build-to-suit hospital is spread across 4.1acres in San Diego-Carlsbad MSA.
The building, fully leased to Palomar Health Rehabilitation Institute, features 52 beds and has 56,000ft2 of rentable space.
The hospital started receiving patients in April 2021. It offers rehabilitation care to patients recovering from stroke, brain injury, neurological issues, trauma, spinal cord injury, amputation as well as orthopaedic injury.
Sila Realty Trust president and CEO Michael A Seton said: “We are delighted to expand our footprint in the southern California market with the acquisition of the Escondido IRF.
“Since its opening last year, this highly advanced facility has been providing increased access to rehabilitation services for the people living in the Southern California region.
“The Escondido IRF exhibits the attributes and local market affiliations that exemplify our strategy of acquiring high-quality healthcare facilities and creating a strong portfolio built for long-term success.”
Harrison Street North American Asset Management head and senior managing director Ben Mohns said: “Harrison Street is pleased with the successful sale of this transaction to Sila Realty Trust, which demonstrates Harrison Street’s execution ability, and expertise investing in high-quality healthcare assets in attractive markets to generate value for our investors and partners.”