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Business Observer Wednesday, Jul. 27, 2022 1 week ago

New Tampa General rehab hospital sells for more than $50 million

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A Tampa REIT bought the 80-bed hospital that opened in May.
by: Louis Llovio Commercial Real Estate Editor

Sila Realty Trust has bought Tampa General Hospital’s new rehabilitation hospital building for $51.2 million.

The freestanding 80-bed rehabilitation facility opened in May and sits on 3.8 acres on Kennedy Boulevard near downtown. It is about 2 miles from the main hospital and directly next to Tampa General’s behavioral hospital, which is currently under construction.

The rehabilitation hospital has long been seen as a major piece of the Tampa Medical and Research District that Tampa General is developing in the area. But it is unclear how, or even if, the sale will change plans for the medical district in the future.

According to Sila, the building is currently 100% leased to the rehabilitation hospital, which is jointly operated by Tampa General and Kindred Rehabilitat

A Tampa General spokesman confirmed the building was leased but did not answer questions about the lease terms or why the building was sold.

A member of Sila’s investor relations team said in an email that “we are not able to share additional details of the lease for any publications or public data.”

Sila is a Tampa-based REIT focused on healthcare properties.

Michael A. Seton, Sila’s president and CEO, says in a statement that the purchase “is an exceptional opportunity to strengthen our healthcare portfolio right in our own backyard, as the property is located less than two miles from” the company’s corporate office in Water Street Tampa.

“The facility was build-to-suit for the TGH and Kindred partnership, and the tenancy, location and construction exemplify, we believe, our strategy of acquiring institutional quality healthcare assets across the continuum of care.”

Since May, Sila has bought a three-building medical office building complex in Washington for $8.5 million and medical office building outside of Pittsburgh for $14 million.

In all, Sila owns 126 properties in 56 markets.

This story has been updated to include statements from Sila and Tampa General.

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