Ventas bulked up its South Florida hospital portfolio after paying $37 million for a 79-bed facility in Palm Beach County.
An affiliate of Ventas, a Chicago-based, health care-focused real estate investment trust led by CEO Debra Cafaro, acquired Kindred Hospital The Palm Beaches at 5555 West Blue Heron Boulevard in Riviera Beach, records and real estate database Vizzda show.
The property will continue to be leased to an affiliate of ScionHealth, a Louisville, Kentucky-based firm formed in 2021 after LifePoint Health bought Kindred Healthcare. The lease runs through 2034 with two five-year renewal options, Vizzda states. ScionHealth still operates under the Kindred name.
Earlier this month, Ventas announced the firm purchased five Kindred hospitals, including the Riviera Beach facility, for a combined $189 million in a leaseback deal. Under the terms of a master lease, Kindred agreed to pay Ventas a combined annual rent of $16 million the first year, with annual increases of 2.8 percent, a press release states.
In 2007, Kindred paid $3.6 million for the 4-acre Riviera Beach site and completed the medical building a year later, records show.
Ventas has a $35 billion health care real estate portfolio consisting of more than 1,350 properties in the U.S., Canada and the United Kingdom, the company’s website states. In the tri-county region, Ventas owns 16 medical facilities, including two hospitals leased to Kindred in Fort Lauderdale and Coral Gables, which the company acquired in the 1980s.
This month, Ventas sold a 377-unit assisted living facility in unincorporated Palm Beach County for $63.8 million to Focus Healthcare Partners, also based in Chicago.
In 2016, Ventas paid $220.3 million for The University of Miami Life Science and Technology Park, a 252,000-square-foot medical building completed in 2011 that is subject to a ground lease. The University of Miami owns the land underneath the 9-acre site in Miami’s Allapattah neighborhood.
The deal was part of Ventas’ $1.5 billion purchase of a 25-property portfolio from Blackstone subsidiary, Wexford Science & Technology.