HOUSTON – (Realty News Report) – Hicks Ventures, the Houston-based developer, has sold three inpatient rehabilitation hospitals for $86.8 million. The developer completed the projects between 2018 and 2019 after securing 20-year leases for each facility.
Each of the three hospitals provides 42 patient beds and includes 12 beds dedicated to traumatic brain injury care. The facilities operate as inpatient rehabilitation facilities (IRFs) under triple-net leases.
The Buyers
Birmingham-based Medical Properties Trust, Inc. acquired Cobalt Rehabilitation Hospital of El Paso and Cobalt Rehabilitation Hospital of Louisville, located in Clarksville, Indiana.
Dallas-based MedProperties purchased PAM/Cobalt Rehabilitation Hospital of Fargo, North Dakota.
Hammond Hanlon Camp (H2C) represented Hicks Ventures in the transactions. Medical Properties Trust and MedProperties represented themselves in their respective acquisitions.
“We are seeing a strong market demand for IRFs in the healthcare sector, which is evident from our robust pipeline of projects,” said Larry Vaile, Director of Healthcare and Principal of Hicks Ventures. “We have a Wisconsin IRF slated to begin construction later this year and a Behavioral Health Hospital scheduled to start in early 2022. Our healthcare program has a proven record of delivering projects from an experienced owner/developer perspective. Coupled with careful selection of experienced tenant and hospital operators who deliver positive patient outcomes, this approach remains a vital component of our projects.”
$1 Billion in Medical Development by Hicks Ventures
Hicks Ventures has completed more than $1 billion in healthcare development projects, including six acute care hospitals, seven inpatient rehabilitation hospitals, eight long-term acute care hospitals and nine medical office buildings.
The firm and its principals — Patrick Hicks, David Steidley and Larry Vaile — have developed well over 2.8 million square feet of healthcare real estate and approximately 1,300 hospital beds across the United States.
Founded in 2007 by Patrick Hicks, Hicks Ventures is also active in office, land and retail development.
July 27, 2021 Realty News Report Copyright 2021
Photo: Courtesy Hicks Ventures
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File: Pat Hicks Firm Sells Properties for $87 Million
File: IRF. Patrick Hicks, David Steidley and Larry Vaile. Medical Properties Trust. Pat Hicks Firm Sells Properties for $87 Million. MedProperties