TUCSON, AZ (Feb. 13, 2024) – Tucson Rehab Real Estate Investors, LLC, an affiliate of Cross Hospitals, LLC, a partnership between Texas-based, Kennor Holdings, LP and Nobis Hospital Investments, purchased 4.1-acres at 870 E Tucson Marketplace in Tucson for approximately $2.4 million ($13.45 PSF). The transaction closed on January 31, 2024.
The buyer plans to develop a new inpatient medical rehabilitation hospital on the site, with 48 modern private patient rooms, a rehab therapy gym with advanced technologies, and state-of-the-art equipment in a 3-story stand-alone building.
Level 1 is to be administrative and support space. Levels 2 & 3 are the patient floors, each containing a therapy suite and 24-bed nursing units. This is the third rehabilitation hospital for the company in Arizona, with one in Phoenix and another in Peoria.
People with debilitating illnesses and injuries such as brain injury, stroke, and other complex medical, neurological, and orthopedic diseases and injuries will be cared for under the management of Nobis Rehabilitation Partners that brings together healthcare providers, developers, and investment partners to create, operate, and manage inpatient rehabilitation facilities. Patients will receive exceptional care from highly experienced and inspired caregivers in this uniquely designed and efficient hospital.
“Cross Hospitals is excited to serve the community of Tucson and partner with the local providers,” said Chester Crouch, Founder and President of Nobis Rehabilitation Partners. “This new rehab hospital will bring over 100 career opportunities to the Tucson community. Patients will be cared for in our newly designed modern hospital with a projected opening in 2024.”
Cross Hospitals, LLC is a partnership between Kennor Cross Hospital Investors, LLC and Nobis Hospitals Investments, LLC, that develops and manages new inpatient rehabilitation hospitals in select US markets.
Kennor Holdings, LP is a family of commercial real estate development companies with a portfolio of regional and national projects based in Dallas, TX. The Kennor team has more than 15 years of commercial real estate development experience and has structured syndication over $300M.
The seller was BP Bridges Partners, LLC, an affiliate of Bourn Properties in Tucson (Don Bourn and Alan Tanner, managers)
To learn more, see RED Comp #11129.