Carter Validus Pays $64M for Rehab

Carter Validus Mission Critical REIT II Inc. acquired the 89,000-square-foot Select Medical Rehabilitation facility for $63.6 million from an undisclosed seller. The more than 20-year-old building is at 92 Brick Rd. in Marlton, NJ.

The asset is 100% leased to Kessler Institute for Rehabilitation Inc. (once Marlton Rehabilitation Hospital), a subsidiary of Select Medical Holdings Corp. The facility offers services including inpatient physical occupational speech and recreation therapy, as well as outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation and vestibular therapy.

The facility benefits from its on-campus location and is directly connected to one of its primary referral sources, Virtua Marlton Hospital,” said Michael A. Seton, President of CVMC REIT II.

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