Global Medical REIT Closes $94M Deal For Rehab Facilities
Law360 (April 18, 2019, 4:00 PM EDT) -- Global Medical REIT completed its $94 million purchase of four inpatient rehabilitation facilities from CNL Healthcare Properties affiliates that are expected to yield about $6.9 million in annual rent, according to a news release on Thursday.
The Bethesda, Maryland-based real estate investment trust, which announced the deal in March, picked up about 207,000 square feet from the rehab facilities, which will be leased to health care providers under long-term triple-net leases that have an average remaining term of a little more than 8 years. Triple-net leases require tenants to pay for property expenses, such as real estate taxes, building insurance and...
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