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Sila Realty Trust buys five Tenet Arizona and Texas healthcare sites for $85.5 million

por John R. Fischer, Senior Reporter | March 27, 2024
Business Affairs
Sila Realty Trust has acquired five Tenet healthcare sites in Arizona and Texas for $85.5 million.
Net lease real estate investment company Sila Realty Trust has acquired five healthcare facilities from Tenet Healthcare in Arizona and Texas for $85.5 million.

Four of the sites are built-to-suit micro-hospitals that each provide eight inpatient beds, a 13-bed emergency department, an operating room, a laboratory, a diagnostic imaging suite, and a pharmacy. Two are Phoenix-Mesa-Chandler, Arizona metropolitan statistical area, operating under the Abrazo Health brand name. Another is in Tucson, operating under Carondelet Health, and the fourth is McAllen-Edinburg-Mission, Texas MSA under Valley Baptist Health.

The fifth property, a freestanding emergency department also in Tucson, is a 13-bed full-service emergency center that offers the same services. Together, all five sites add a combined 17.5 acres to Sila Realty’s footprint.

“We are pleased to announce the closing of this portfolio of properties which are emblematic of the healthcare facilities that Sila Realty Trust is focused on acquiring — high quality, well located, strong credit tenancy with healthcare system affiliations,” said Michael A. Seton, president and chief executive officer of Sila Realty, in a statement.

Tenet, one of the largest healthcare systems in the U.S., designed the facilities between 2019 and 2021, choosing to develop them in locations where they felt there was a strong population density and demographics, and positive growth characteristics.

Sila Realty is headquartered in Florida and as a real estate investment trust, owns, operates, or finances income-producing real estate in the healthcare sector that investors can place their capital and assets into without having to directly buy, manage, or finance properties themselves. As of December 2023, it owned 131 real estate properties and two undeveloped land parcels in 62 U.S. markets.

Sila Realty Trust did not respond to HCB News in time for publication.

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