Florida REIT Pays $22.63M for Fayetteville Health Care Facility

by Paul Gatling ([email protected]) 196 views 

A surgical health care facility just off Joyce Boulevard in Fayetteville has been acquired by a real estate investment trust in Florida in a deal worth $22.63 million.

Carter Validus Mission Critical REIT Inc. of Tampa recently announced the acquisition of the previously physician-owned Physicians’ Specialty Hospital building at 3873 N. Parkview Dr.

The purchase was made in the name of HC-3873 N. Parkview Drive LLC.

NWA Surgeon Investors Properties LLC was the seller. The LLC has 11 members, all physicians, with the exception of Russ Greene, the CEO at Physicians’ Specialty Hospital, who is an RN.

The other members are Chris Arnold, James Blankenship, Dean Bright, David Cannon, Wes Cox, Dan Fulmer, Stephen Pirotta, Mark Powell, Terry Sites and Lloyd Trichell.

The sale closed June 28, ending a process that lasted more than a year.

Greene assured nothing has changed for the hospital, its management or its nearly 200 employees.

“Instead of paying rent to ourselves, we’re now paying rent to someone else,” Greene said. “Because there was a lot of debt attributed to owning a 54,000-SF building that was a specialized facility, we decided we’d get rid of some of that debt and sell to a REIT.”

NWASIP paid $6.4 million for the facility in November 2007.

The property underwent a $12 million renovation in 2009 and was converted into a specialty in-patient hospital.

The short-term acute care surgical hospital now has 20 beds and measures about 55,740 SF.

It also has state of the art designs including four operating rooms, an in-house diagnostic lab and radiology departments.

The hospital also has one procedure room and a full-scale emergency department.

In 2012, PSH was given the Women’s Choice Award for America’s Best Hospitals for patient experience.