Harrison Street Buys In Beantown
Chicago-based Harrison Street and The Sanders Trust of Birmingham, Ala. picked up the Boston area's New England Rehabilitation Hospital and Braintree Rehabilitation Hospital from Senior Housing Properties Trust for $90M. The deal includes a new 15-year lease agreement with Reliant Hospital Partners of Richardson, Texas. Massachusetts is a certificate-of-need state, and the facilities represent two of only three rehab hospitals in the Boston metro, Harrison Street VP Mark Burkemper (snapped with his daughter Bryn) tells us. 166-bed Braintree Rehab and 198-bed New England Rehab account for 5,000 annual discharges. Mark expects healthcare assets to continue to see high institutional demand this year thanks to strong fundamentals and demographic trends.