Sila Realty Trust, Inc. Acquires Harrison Street Escondido Inpatient Rehabilitation Center for $63.4 Million

TAMPA, Florida and CHICAGO–(BUSINESS WIRE)–Sila Realty Trust, Inc., an unlisted public real estate investment trust focused on investing in high-quality healthcare properties across the continuum of care, today announced the acquisition of an Escondido, California-based inpatient rehabilitation center (the “Escondido IRF”) from Harrison Street, a leading investment management firm focused on alternative real estate assets, for $63.4 million. A joint venture between Harrison Street and Pacific Medical Buildings (“PMB”) developed the property.

The Escondido IRF, known locally as the Palomar Health Rehabilitation Institute, is a two-story, custom-built, freestanding inpatient rehabilitation hospital located on 4.1 acres in the MSA of San Diego-Carlsbad. The building has 56,000 leasable square feet and 52 beds and is fully leased to Palomar Health Rehabilitation Institute, a joint venture between Palomar Health (“Palomar”) and Kindred Rehabilitation Services (“Kindred”). The newly constructed facility began accepting patients in April 2021 and offers personalized rehabilitation designed for the individual needs of people recovering from stroke, brain injury, neurological disorders, trauma , spinal cord injury, amputation and orthopedic injury.

Kindred, a business unit of LifePoint Health, is a partner of choice for many leading hospital systems in establishing joint venture rehabilitation operations. Kindred currently has 30 stand-alone inpatient rehabilitation centers in 18 states.

“We are excited to expand our presence in the Southern California market with the acquisition of IRF Escondido. Since opening last year, this highly advanced facility has provided increased access to rehabilitation services for people living in the Southern California area,” commented Michael A. Seton, President and CEO of Sila Realty Trust. , Inc.”The Escondido IRF showcases local market attributes and affiliations that exemplify our strategy of acquiring high-quality healthcare facilities and creating a strong portfolio built for long-term success.

Ben Mohns, Senior Managing Director and Head of North American Asset Management at Harrison Street, said:Harrison Street is pleased with the successful sale of this transaction to Sila Realty Trust, which demonstrates Harrison Street’s ability to execute and expertise in investing in high quality healthcare assets in attractive markets to generate value for our investors and partners. We look forward to continuing to identify attractive opportunities within our key areas of focus in markets supported by favorable demographics consistent with our long-term strategy. »

About Sila Realty Trust, Inc.

Sila Realty Trust, Inc. is an unlisted, public real estate investment trust headquartered in Tampa, Florida that invests in high-quality, tenant-leased healthcare properties by capitalizing on critical economic growth drivers and structural. The Company is focused on investing in and managing strategic healthcare assets across the continuum of care, with an emphasis on lower-cost patient environments that generate predictable, sustainable revenue streams. and croissants. As of March 31, 2022, the company had 126 operating healthcare properties located in 56 markets across the United States. For more information, please visit www.silarealtytrust.com.

About Harrison Street

Harrison Street is a leading investment management firm focused exclusively on alternative real assets. Since its inception in 2005, the firm has created a series of differentiated asset-based investment solutions based on demographics and needs. The company has invested in senior housing, student housing, healthcare, life sciences and storage real estate, as well as social and utility infrastructure. Based in Chicago with offices in London, Toronto, San Francisco and Washington DC, the firm has more than 220 employees and approximately $50 billion in assets under management. The firm’s clients include a global base of institutional investors domiciled in North America, Europe, the Middle East, Asia and Latin America. Harrison Street has been awarded Pensions & Investments’ Best Places to Work award for seven consecutive years (2014-2020) and has been recognized by PERE as 2021 Alternative Investor of the Year, North America and 2020 Global Alternative Investor of the Year For more information, please visit www.harrisonst.com.

About PMB

PMB is a healthcare-focused real estate developer whose mission is to improve healthcare delivery, effect change and positively impact communities. The Company is 100% focused on healthcare real estate across the continuum of care, including behavioral health, life sciences, ambulatory care centers, medical office buildings, inpatient hospitals , post-acute care hospitals, senior residences and parking structures. PMB has developed more than 115 installations to date representing approximately 6 million square feet. The company owns and operates 70 medical facilities comprising more than 5.2 million square feet. For more information, please visit www.pmbllc.com.

Forward-looking statements

Certain statements contained herein, including those regarding Sila’s strategy to acquire high-quality healthcare facilities and Sila’s creation of a strong portfolio built for long-term success, other than historical facts, may be considered “forward-looking statements” within the meaning of Section 27A. of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to fall within the safe harbor provided therein. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to be a guarantee of future performance. You can identify forward-looking statements by the use of words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, ” outlook, “plan”, “potential”, “predict”, “project”, “seek”, “should”, “shall” and other similar terms and expressions, including references to assumptions and forecasts of results future, strategic acquisitions and growth opportunities, and future distributions. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from Sila’s expectations, and you should not rely on forward-looking statements as they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond Sila’s control and may materially affect Sila’s results of operations, financial condition, cash flows, performance or future achievements or events. Other factors include the risk that the expected benefits of Sila’s healthcare-focused REIT strategy will not be achieved, and other factors, including those described in the section entitled Element 1A. “Risk Factors” in Part I of Sila’s 2021 Annual Report on Form 10-K to the SEC, a copy of which is available at www.sec.gov. Sila undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

About Gregory Lewis

Check Also

facilities management company wins PureGym contract | Yorkshire Business News

A Leeds-based soft facility management company has been awarded a five-year contract with PureGym. SBFM …