Jersey Medical Office Asset Commands $64M
- Dec 07, 2016
Marlton, N.J.—Carter Validus Mission Critical REIT II Inc. has acquired the Select Medical Rehabilitation Facility, a three-story rehabilitation building located in Marlton, N.J., for approximately $63.6 million.
“We are delighted to add another high-quality, long-term net leased asset to our healthcare portfolio,” John Carter, CVMC REIT II CEO, said in a prepared release. “We continue to be enthusiastic about our growing pipeline of accretive assets and the value we believe transactions such as this are adding for investors.”
Originally constructed in 1995, the medical building offers 89,000 rentable square feet and is currently 100 percent net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corp.
The building is slab-on-grade and steel framed with an exterior insulation and finish system. Services include inpatient physical, occupational, speech and recreational therapy as well as outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation, and vestibular therapy.
“We believe the Select Medical Rehabilitation Facility is a great addition to our growing portfolio,” Michael Seton, CVMC REIT II president, said. “The facility benefits from its on-campus location and is directly connected to one of its primary referral sources, Virtua Marlton Hospital. We are pleased to align ourselves with Kessler and Select Medical on this transaction and anticipate it will bring additional value to CVMC REIT II.”