Rehabilitation Hospital building sold for $29.5 million

JOHNSTOWN – The Northern Colorado Rehabilitation Hospital facility has been sold to an Alabama-based company for $29.5 million.

The property at 4401 Union St. in Johnstown was one of 16 included in a nationwide property portfolio sold by Ernest Health, which owns and operates Northern Colorado Rehabilitation Hospital, according to Steve Kawulok, managing director of Sperry Van Ness. The portfolio sold in February for $400 million.

Ernest Health will lease the property from the buyer, Medical Properties Trust, which is headquartered in Birmingham and publicly traded, and continue operations in the facility. Its lease is for 20 years.

The transaction brings the total number of properties in Medical Properties Trust’s portfolio to 78, and the company’s total assets to $2.1 billion, according to a release from the company about the transaction.

Representatives from Northern Colorado Rehabilitation Hospital did not immediately return requests for comment.

The move is an example of a trend toward investments in medical properties, Kawulok said. Hospitals and other medical industry-related facilities are seen as stable properties that are less risky than other types of real estate.

Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR

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