Pat Hicks Firm Sells Properties for $87 Million

HOUSTON – (Realty News Report) – Three inpatient rehabilitation hospitals have been sold for $86.8 million by Hicks Ventures, the Houston-based developer of the properties.

Hicks Ventures developed these three rehabilitation hospitals from 2018 to 2019 after securing 20-year leases. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers.

The Buyers

Birmingham-based Medical Properties Trust, Inc. purchased Cobalt Rehabilitation Hospital of El Paso and Cobalt Rehabilitation Hospital of Louisville in Clarksville, Indiana.

Dallas-based MedProperties purchased the PAM/Cobalt Rehabilitation Hospital of Fargo, N.D.

Hammond Hanlon Camp (H2C) represented Hicks Ventures in the transactions, while  Medical Properties Trust and MedProperties represented themselves.

The three triple-net-leased national inpatient rehabilitation facilities are called IRFs.

“We are seeing a strong market demand for IRFs in the healthcare sector which is evident by our strong pipeline of new projects including a Wisconsin IRF commencing construction later this year, as well as, a Behavioral Health Hospital beginning early 2022,” said Larry Vaile, Director of Healthcare and Principal of Hicks Ventures. “Our healthcare program has a track record of successfully delivering projects with the benefit of a seasoned owner/developer perspective. This coupled with our selection of experienced tenant/hospital operators that provide positive patient outcomes, continues to be a vital component in our projects.”

$1 Billion in Medical Development by Hicks Ventures

Hicks Ventures has completed over $1 billion in healthcare development projects including six acute care hospitals, seven inpatient rehabilitation hospitals, eight long-term acute care hospitals and nine medical office buildings.

Hicks Ventures and its principals, Patrick Hicks, David Steidley and Larry Vaile,  have developed well over 2.8 million SF of healthcare real estate and 1,300 hospital beds throughout the United States.

Hicks Ventures, founded in 2007 by Patrick Hicks, is also active in office, land and retail.

July 27, 2021 Realty News Report Copyright 2021

Photo: Courtesy Hicks Ventures

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon  

Houston 2020 Ebook version     

File: Pat Hicks Firm Sells Properties for $87 Million

File: IRF. Patrick Hicks, David Steidley and Larry Vaile. Medical Properties Trust. Pat Hicks Firm Sells Properties for $87 Million. MedProperties

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