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Business Observer Tuesday, Aug. 9, 2022 1 month ago

Tampa REIT adds to portfolio with $63M purchase of California rehab hospital

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Sila Realty Trust has purchased a rehabilitation facility near San Diego.
by: Louis Llovio Commercial Real Estate Editor

Sila Realty Trust’s acquisition spree continues.

The Tampa REIT has announced that it has bought the Escondido Inpatient Rehabilitation facility in Escondido, California.

The price tag: $63.4 million.

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

More recently, the California purchase comes just a few short weeks after Sila announced it had paid $51.2 million for Tampa General Hospital’s new rehabilitation hospital building on Kennedy Boulevard.

In all, Sila, which is based in Water Street Tampa, owns more than 125 properties in 56 markets. This after selling 29 data center properties last year to a Singapore-based company for $1.32 billion.

The newest property in its portfolio, Escondido Inpatient, is a two-story rehabilitation hospital sitting on 4.1 acres near San Diego, the company says. The 52-bed hospital, named the Palomar Health Rehabilitation Institute, opened April 2021 and is fully leased. It works with people who have had strokes, brain injury, trauma, spinal cord injuries, amputations and neurological conditions.

Interestingly, the institute is a joint venture between Palomar Health and Kindred Rehabilitation Services. Kindred jointly operates the Tampa General rehab hospital as well.

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