This acquisition, totaling 190,000 square feet, is the firm’s latest addition to its medical real estate investment portfolio.
DALLAS-FORT WORTH, TX., and WHITE PLAINS, N.Y., September 14, 2022 – Rethink Healthcare Real Estate, the White Plains and New York City based real estate investment management firm has announced their recent acquisition of the real estate housing six Baylor Scott & White Health emergency hospitals. The purchase closed on August 30, 2022. Rethink Healthcare Real Estate is under contract to acquire the real estate of a seventh hospital shortly.
The emergency hospitals are leased by a joint venture of Baylor Scott & White Health and Emerus and are operated by Emerus. Emerus is the nation’s leading operator of micro-hospitals and a nationally recognized, innovative leader in the delivery of emergency, inpatient and diagnostic medical healthcare. The emergency hospitals have been open for about seven years and provide critical care to tens of thousands of patients close to where they live and work.
“This is another exciting acquisition for Rethink Healthcare Real Estate, continuing our strategy of investing in strategic ambulatory facilities aligned with significant healthcare providers. These emergency hospitals provide critical access points for healthcare needs, including overnight stays. Many of the facilities are complemented by additional clinical space where non-emergency services such as primary care are provided,” said Jonathan Winer, President & Chief Investment Officer of Rethink Healthcare Real Estate.
Emergency hospitals typically feature a 24/7 emergency department and have eight to twelve patient beds for when an overnight stay is warranted. The asset type has been achieving growing importance to healthcare systems as a cost effective, patient friendly means of providing a care point for emergency medical needs.
To acquire the properties, Rethink Healthcare Real Estate joint ventured with Heitman LLC (Heitman), a global real estate investment management firm with over $53 billion in assets under management and arranged debt financing from the healthcare arm of CIT, a division of First Citizens Bank. Mr. Winer commented that “Rethink Healthcare Real Estate and Heitman, also a very knowledgeable and respected healthcare real estate investor, will provide steady ownership of the real estate used by these hospitals.”
Rethink Healthcare Real Estate acquired the real estate housing the emergency hospitals at the following addresses: 12500 South Freeway, Burleson, TX; 5500 Colleyville Blvd, Colleyville, TX; 620 S Main St, Keller, TX; 511 FM544, Murphy, TX; 1975 Alpha Dr, Rockwall, TX; 4095 Kingswood Blvd, Grand Prairie, TX.
BlackBirch Capital acted as the exclusive financial advisor to the Seller in this transaction.
Media Contact: Anna Marx, Rethink Capital Partners, media@rethink-capital.com, 914.597.7696
For non-media related inquiries, please contact David Braunstein at dbraunstein@rethink-capital.com or at 914.269.0911