Bethesda Buyer Pays $40M for Austin Rehab
Global Medical REIT Inc. acquired the Central Texas Rehabilitation Hospital at 700 W. 45th St. in Austin from Norwin Healthcare Properties. The Bethesda, MD buyer paid $40.7 million for the asset, which included the 59,258-square-foot rehab facility and approximately 1.3 acres adjacent to the building, that had been planned for a 40-bed, long-term, acute care hospital.
Global Medical assumed the interest, as lessor in the facility’s lease to CTRH LLC. The lessee is a joint venture between Kindred Healthcare and Seton Healthcare, which is part of the Ascension Health System.
The triple-net lease has a remaining term of approximately 9.6 years, and is subject to four- and five-year renewal options by the tenant. The current rent is approximately $2.9 million annually, and is subject to annual increases of approximately 3%.
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