Bellaire Medical Center
Category: Full-Cycle Investments
Bellaire Medical Center is a 216-bed long-term acute care center and behavioral rehabilitation hospital comprised of 161,000 square feet in the Houston suburb of Bellaire. The hospital sits on a full city block just four miles west of Texas Medical Center, the world's largest medical facility comprised of 45 million square feet of specialty hospitals, research facilities and wellness and prevention clinics. Originally built in 1978, Bellaire Medical Center has undergone multiple renovations, upgrades, expansions and remodels during the ensuing 34 years. Since 2008, approximately $6 million in improvements have been completed, with an additional $6.8 million slated to be invested to further expand the facility.
Bellaire Medical Center is 100 percent leased to Cornerstone Healthcare Group, which operates a 140-bed long-term acute care hospital, and Ascend Health Corporation, which operates a 76-bed in-patient behavioral rehabilitation hospital on-site. The Ascend Hospital is currently undergoing an expansion that will increase the number of beds to 126. Both tenants are signed to long-term triple net leases.