:quality(75))
Affiliates of Signature Healthcare Services sold a portfolio of six behavioral health hospitals for $400M to Care Capital Properties Inc. in a leaseback transaction.
Located throughout California, Arizona and Illinois, the properties total 712 beds and provide everything from inpatient and outpatient psychiatric care to addiction services, CoStar reports. Care Capital CEO Raymond Lewis said the deal further diversifies the REITs holdings, allowing it entrance into a new sector and to recycle capital.
Under the deal’s terms, Care Capital will lease the properties to Signature affiliates and fund up to $50M for expansions and improvements. The deal is expected to close during Q4.
There have been expert concerns as of late that worry the medical office building sector is headed for a bubble. David Park recently told Bisnow he thinks the medical real estate market is close to being overbuilt, despite the fact that Baby Boomers started turning 65 in 2011 and 18% of the country will be 65 and older by 2030, according to Pew Research Center.
)
)
)
)
)
)
)
)
)
)
)
){kind=logo}