Sila Realty Acquires San Diego-Area Medical Facility for $63M
By Mark Hallum August 9, 2022 5:14 pm
reprints
Life sciences and healthcare real estate continue to drive the market in the San Diego area with the recent sale of a new rehabilitation facility.
Sila Realty Trust has purchased an inpatient services building in Escondido, Calif., for $63.4 million. The seller, investment firm Harrison Street, developed the site alongside Pacific Medical Buildings. About $44 million was invested in the development of the property.
Fully leased by the Palomar Health Rehabilitation Institute, the development sits on over four acres at 2181 Citracado Parkway. Completed in April 2021, the building features about 56,000 square feet across two floors and it can accommodate up to 52 beds.
Palomar, which operates alongside Kindred Rehabilitation Services in this facility known as the Escondido IRF, runs another health care facility at 15615 Pomerado Road in Poway, Calif.
“Since its opening last year, this highly advanced facility has been providing increased access to rehabilitation services for the people living in the Southern California region,” Michael Seton, president and CEO of Sila Realty Trust, said in a statement. “The Escondido IRF exhibits the attributes and local market affiliations that exemplify our strategy of acquiring high-quality health care facilities and creating a strong portfolio built for long-term success.”
The institute serves people recovering from strokes, brain injuries, spinal cord injuries, orthopedic injuries, cardiovascular or pulmonary issues, neurological conditions, amputation and trauma, according to the company’s website.
Harrison Street did not immediately respond to an inquiry regarding when the land was purchased or how much the firm invested in the entire project.
Other active firms in the area include Encodia, a biotech company that develops tools to analyze proteins, which signed a deal for 65,800 square feet at 5785 Oberlin Drive in San Diego. In June, LPC West, the West Coast affiliate for Lincoln Property Company, and investment firm Angelo Gordon purchased a 63,000-square-foot industrial building in Carlsbad, Calif., with plans to reposition the asset for life science uses.
Mark Hallum can be reached at mhallum@commercialobserver.com.
