Medistar Announces Sale of Webster Rehabilitation Hospital Property
Medistar Corporation Sells Post Acute Webster Rehabilitation Hospital Property to Carter Validus Mission Critical REIT II, Inc.
Jun 22, 2015, 07:00 ET
HOUSTON, June 22, 2015 /PRNewswire/ -- Medistar Corporation ("Medistar") announced that it sold the Post Acute Webster Rehabilitation Hospital property (the "Webster Rehabilitation Hospital") to Carter Validus Mission Critical REIT II, Inc. ("CVMC REIT II") on June 5, 2015.
The Webster Rehabilitation Hospital is a newly built, 45-bed inpatient rehabilitation facility located in Webster, Texas that measures approximately 53,513 square feet in net rentable area and provides physical, psychological, social and vocational rehabilitation services for patients. The Webster Rehabilitation Hospital is 100% leased to Clear Lake Institute for Rehabilitation, LLC, a newly formed operating subsidiary of Post-Acute Medical, LLC ("PAM").
Led by Principal, President and Chief Executive Officer Anthony F. Misitano, PAM is a leading provider nationwide of health and patient services for long-term acute care, inpatient rehabilitation, outpatient rehabilitation, residential brain injury and comprehensive wound care. An affiliate of Vibra Healthcare, LLC, PAM currently operates 18 in-patient facilities and 10 out-patient facilities in Texas and Louisiana.
In addition to comprehensive inpatient and outpatient physical therapies, the Webster Rehabilitation Hospital features a specially designed unit for the treatment needs of individuals who have suffered traumatic brain injury, stroke or neurodegenerative disorders, such as Parkinson's disease. Said Mr. Misitano, "Integral to all facets of our operations is strong physician leadership, which drives quality in all aspects of patient care."
"The Webster Rehabilitation Hospital is a newly constructed, state-of-the-art private bed rehabilitation facility," said Michael Seton, President of CVMC REIT II. "We are happy to partner with Medistar on the acquisition of another leading-edge healthcare property." John Carter, Chief Executive Officer of CVMC REIT II, added, "We are pleased with this exceptional addition to our portfolio and the value we believe it brings our investors."
"The Webster Rehabilitation Hospital continues Medistar's longstanding partnerships with Carter Validus and PAM, as well as our steadfast commitment to the health of our neighbors in the Webster-Clear Lake Area. With the opening of Webster Rehabilitation Hospital, the best and most modern resources are available to PAM to deliver unparalleled levels of post-acute care and service," said Monzer Hourani, Founder and Chief Executive Officer of Medistar Corporation.
Cobalt Medical Development ("Cobalt") co-developed the real estate with Medistar and is co-owner of the operations with Post Acute Medical.
About Medistar Corporation
Medistar Corporation is a full-service medical real estate development company that primarily specializes in the design, development, financing, acquisition and construction of acute care hospitals, post-acute care hospitals, skilled nursing facilities, senior care facilities, medical office buildings and related facilities for the healthcare industry nationwide. For more information, visit us at www.MedistarCorp.com
About Carter Validus Mission Critical REIT II, Inc.
Carter Validus Mission Critical REIT II, Inc. is a public, non-traded company that believes it qualifies as a real estate investment trust ("REIT"). The Company intends to acquire mission critical real estate assets located throughout the United States and abroad. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants. Carter Validus Mission Critical REIT II, Inc. intends to focus its acquisitions on mission critical assets in the data center and healthcare sectors. See www.cvmissioncriticalreitii.com for more information.
About Post Acute Medical
Post Acute Medical, LLC, is committed to providing high quality patient care and outstanding customer service, coupled with loyalty and dedication of highly trained staff, to be the most trusted source for post-acute services in every community it serves. See www.postacutemedical.com for more information.
About Cobalt Medical Development
Cobalt is a healthcare real estate development and investment company dedicated to providing comprehensive real estate solutions in high bed need and under met demographic locations. Each development at Cobalt is built to minimize risk and maximize results in the communities they serve. For more information, visit www.cobaltmedicaldevelopment.com.
Media Contact
Paul McCleary
Vice President – Business Development
Medistar Corporation
713.266.8990
Forward-Looking Statements
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SOURCE Medistar Corporation