JLL’s Capital Markets experts today announced the firm completed the sale and leaseback of a post-acute care rehabilitation facility at 3035 West Highway 290 in the Austin suburb of Dripping Springs, Texas. Scottsdale, Arizona-based STORE Capital purchased the property. The seller, Mentis Neuro Health, will leaseback 100 percent of the property from the new owner for a 15-year term.
Managing Director Rudy Hubbard, Senior Vice President Kevin McConn and Vice President Rick Goings led the JLL team on the sale.
“This offering presented investors with an attractive long-term sale-leaseback opportunity, guaranteed by a growing company that is the industry leader in traumatic brain injury rehabilitation,” said Goings. “Situated on more than 10 acres, this property provides Mentis room to grow and expand their operations.”
Currently, Mentis Neuro Health also operates a facility, known as the Hilltop Campus, at 400 Old Highway 290 West in Dripping Springs.
“We were able to source an all-cash buyer with the ability to provide construction expertise, as well as the capital to fund future facilities on the site,” Goings continued. “Procuring a buyer that valued a long-term relationship with Mentis and has the ability to develop and fund the company’s long-term plans in Dripping Springs was paramount. STORE Capital checked all of those boxes, and provided a seamless and quick closing.”
Encompassing 10.6 acres, the property at 3035 West Highway 290 totals 18,313 square feet across five buildings. The facility includes two main resident buildings containing 32 private beds, an administrative building, a therapy building and a recreational building.
Mentis Neuro Health has also signed two approximately 20,000-square-foot leases for build-to-suit projects in Round Rock and San Antonio. Mentis Neuro Health will relocate its current San Antonio location at 6849 Crestway Drive to the new location upon its opening.
Scheduled to be operational in the first quarter of 2018, the two facilities will add 40 beds to Mentis Neuro Health’s capacity, with the ability to expand to 48 beds. When complete, Mentis Neuro Health will operate a total of nine neuro-rehabilitation facilities in Texas and Ohio.
Hubbard, McConn and Goings also represented Mentis Neuro Health in the build-to-suit transactions.
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