HealthSouth Corporation sold the health care facility at 1237 W. Sherman Ave. in Vineland, NJ to Lexington Realty Trust for $19.1 million, or about $507 per square foot.
The new owner kept in place a 40-year lease to HealthSouth Rehabilitation Hospital of South Jersey LLC in a deal guaranteed by the seller, one of the largest owners and operators of inpatient rehab hospitals in the country.
HealthSouth Rehabilitation Hospital is a single-story, 37,660-square-foot facility that was constructed in 2002 on 8.9 acres in the Southern New Jersey submarket of Cumberland County, just two miles from NJ Rte 55 and along a heavy medical corridor located 40 miles south of Philadelphia.
"The current demand for stabilized, quality real estate is much greater than the supply. Through an intense and competitive marketing effort to both 1031 exchange buyers and institutional purchasers, we were able to tap into that demand and deliver great pricing for our seller."
The asset traded at 5.8% CAP rate based on 2014 NOI of $1.11 million in annualized rent.
www.omegare.com
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