Carter Validus Mission Critical REIT II, Inc. purchased the Kessler Institute for Rehabilitation at 92 Brick Rd. in Marlton, NJ from Kessler Institute for Rehabilitation, an affiliate of Select Medical Holdings Corporation, for $63.6 million, or about $714 per square foot.
The seller, formerly known as Marlton Rehab Hospital, immediately leased back the facility from the new owner on a triple-net basis. The facility houses in-patient physical, occupational, speech and recreational therapy, outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehab and vestibular therapy.
The three-story, 89,000-square-foot medical office building was constructed in 1995 on 20.5 acres in the South Burlington County submarket.
"We believe the Select Medical Rehabilitation Facility is a great addition to our growing portfolio. The facility benefits from its on-campus location and is directly connected to one of its primary referral sources, Virtua Marlton Hospital. We are pleased to align ourselves with Kessler and Select Medical on this transaction and anticipate it will bring additional value to CVMC REIT II," said Michael A. Seton, president of CVMC REIT II, which acquires mission critical real estate assets located throughout the U.S.