Global Medical REIT, a Bethesda, Md.-based company engaged in the acquisition and leasing of healthcare facilities, entered into a purchasing agreement to acquire the facility housing Carrus Specialty Hospital and the Carrus Rehabilitation Hospital — both in Sherman, Texas — for $26 million.
Under the agreement, Global Medical REIT also agreed to increase potential tenants' allowance to $2 million, and will provide an additional $5 million for expansion projects.
The facility is currently leased to the hospital operators of Carrus Specialty and Carrus Rehabilitation Hospital. Both organizations are expected to renew their lease agreements and remain at the facility through an additional 20-year lease.
Officials expect to close the acquisition by the end of July.
"As I discussed during our recent [first quarter] earnings call, we have been working on a number of acquisition opportunities that we were eager to provide details about to our investors. One of those opportunities, the acquisition of the Carrus Specialty Hospital and the Carrus Rehabilitation Hospital will be a great addition to our portfolio when the deal closes, with very healthy rent coverage and an attractive cap rate. We look forward to advancing more opportunities within our pipeline into the executed contract stage over the coming weeks," said David Young, CEO of Global Medical REIT.