In a recent real estate shake-up, the Kindred Hospital in Palm Beach County has officially changed hands for a cool $37.23 million. But if you’re wondering whether this means the hospital will be shutting its doors or undergoing major changes, here’s the scoop: Kindred Healthcare is sticking around.
The Details of the Deal
Kindred Hospital (The Palm Beaches) PropCo LLC, an affiliate of Louisville, Kentucky-based Kindred Healthcare, sold the 79-bed facility located at 5555 W. Blue Heron Blvd. in Riviera Beach to VTR KH TPB LLC, a part of the Chicago-based real estate investment trust Ventas (NYSE: VTR). Despite the sale, Kindred Healthcare won’t be packing up and leaving anytime soon. They’ve signed a lease agreement to continue running the hospital until September 30, 2034, with options to extend for two additional five-year periods.
What Does This Mean for the Hospital?
Kindred Hospital (The Palm Beaches) is a long-term acute care (LTAC) facility that spans 70,660 square feet and includes an 11-bed acute rehabilitation unit, serving patients recovering from debilitating injuries and illnesses. Built in 2008 on a four-acre site, it has played a vital role in the community for those requiring extended medical care. And thanks to this leasing agreement, it seems the hospital will continue its operations without any major disruptions.