A former Greenfield hospital has been sold to an Arizona real estate investment trust (REIT) for $23.6 million.
Scottsdale-based STORE Capital purchased the sprawling complex at 5015 at 5017 S. 110th St. on Dec. 29, according to real estate documents posted by the state on Wednesday.
The 155,945-square-foot building was long home to the Post Acute Medical Specialty Hospital of Milwaukee, which closed its doors in 2019. The 62-bed for-profit hospital had provided specialized medical care to acutely ill patients requiring extended recovery time after an acute care hospital stay, according to a BizTimes report from the time.
It was later acquired in February 2020 by drug and alcohol rehabilitation company Landmark Recovery, which planned to turn the building into an inpatient recovery facility. However, that hasn't happened. A note on Landmark Recovery’s website states that the facility at the Greenfield location is “coming soon.” A representative for Landmark Recovery could not immediately be reached for comment.
Also headquartered in Scottsdale, Arizona, Landmark Recovery ultimately sold the building to STORE Capital.