Vibra Healthcare LLC has sold the real estate assets of its 60-bed Southern Indiana Rehabilitation Hospital, an inpatient rehabilitiation facility (IRF) it acquired on April 30 this year from KentuckyOne, a subsidiary of Ascension. The hospital is located in New Albany, Indiana, a suburb of Louisville, Kentucky, where KentuckyOne is based.
The buyer, MedEquities Realty Trust, Inc. (NYSE: MRT), agreed to pay $23.4 million for the 64,380-square foot facility, with an average price-per-bed of $390,000.
The company concurrently executed a 15-year triple-net lease of the IRF with Vibra at an initial lease rate of 9.0% with annual escalators. Vibra will convert the 26 beds currently used as skilled nursing in order to operate the facility as an IRF, which is the original design.
Vibra Healthcare was founded in 2004, with the acquisition of six specialty hospitals. It now operates more than 50 specialty acute care hospitals and outpatient physical therapy centers, and has more than 2,900 licensed beds nationwide in long-term acute care or acute medical rehabilitation facilities.