Cornerstone Acute Care Hospital Fetches $7 Million

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Cornerstone Hospital of Southeast Arizona, LLC of Dallas, TX (Louise Cassidy, CEO) exercised a purchase option on the building at 7220 E Rosewood St in Tucson for [mepr-show rules=”58038″]$7 million ($166 PSF) that it leased since 2005 from Medical Properties Trust of Birmingham, AL affiliate, MPT of Tucson, LLC. Cornerstone Hospital is a 34-bed long term acute care facility for patients who no longer require the services of an intensive care unit, but still need more intensive care than that offered by traditional rehabilitation, skilled nursing or sub-acute care settings.

Nexbank of Dallas, TX financed the transaction.

The seller, Medical Properties Trust (NYSE:MPW) is a REIT specialized exclusively in real estate investments of acute care facilities of all kinds with long-term triple-net leases. MPT claims to be the only healthcare REIT focusing exclusively on hospitals, acquiring and developing rehabilitation hospitals, women’s and children’s hospitals, regional and community hospitals, as well as ambulatory surgery centers and other specialized, single-discipline facilities.

MPT acquired the property in 2008 from another healthcare REIT, Health Care Property Investors, Inc. of Long Beach, CA for slightly over $7 million ($7,010,870). The purchase option with Cornerstone was conveyed to MPT in that transaction.

The CEO of Cornerstone Hospital, Louise Cassidy reported that there would not be any changes to the hospital’s normal operations.[/mepr-show]