Texas + Houston-Galveston + Healthcare | July 27, 2021

Cobalt Rehabilition Hospital of El Paso; Image courtesy of Hicks Ventures

Three NNN Inpatient Rehabs Go for Nearly $90M

Three absolute triple-net-leased inpatient rehabilitation facilities (IRFs) recently sold for $86.8 million. Birmingham-based Medical Properties Trust Inc. purchased Cobalt Rehabilitation Hospital of El Paso and Cobalt Rehabilitation Hospital of Louisville (Clarksville, IN), while Dallas-based MedProperties purchased the PAM/Cobalt Rehabilitation Hospital of Fargo, ND.

Houston-based Hicks Ventures developed these three rehabilitation hospitals from 2018 to 2019 after securing 20-year leases. Each hospital offers 42 patient beds including 12 traumatic brain injury centers.

“We are seeing a strong market demand for IRFs in the healthcare sector which is evident by our strong pipeline of new projects including a Wisconsin IRF commencing construction later this year, as well as a Behavioral Health Hospital beginning early 2022,” said Larry Vaile, director of healthcare and principal, Hicks Ventures.

Hammond Hanlon Camp represented Hicks Ventures in the transactions, while Medical Properties Trust and MedProperties were self-represented.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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