Long Beach, Calif.-based HCP Inc., a real estate investment trust that serves the health care industry, recently purchased the Post Acute Specialty Hospital of Milwaukee, located at 5015-17 S. 110th St. in Greenfield, from Toledo, Ohio-based Health Care REIT Inc. for $15.2 million, according to state records.
The three-story, 56,229-square-foot building was constructed in 1989 and has an assessed value of $9.1 million, according to city records.
The facility provides long term nursing care and short term rehabilitation services.
The business was recently acquired by Camp Hill, Pa.-based Post Acute Medical LLC and Mechanicsburg, Pa.-based Vibra Healthcare LLC from Louisville, Ky.-based Kindred Healthcare Inc. The facility’s name was changed recently from Kindred Hospital of Milwaukee to Post Acute Specialty Hospital of Milwaukee.
The Greenfield facility is one of several that Post Acute Medical and Vibra recently acquired from Kindred.
“The Post Acute Medical team has been working diligently to ensure a transition that is as smooth as possible,” Anthony Misitano, Post Acute Medical president and CEO, said in a news release. “We have taken great care to ensure that issues and systems related to excellent patient care, employee and medical staff relationships, stellar clinical programs and an efficient admissions process are in place.”
Post Acute Medical is collaborating with Vibra Healthcare as a strategic partner in the deal. Through a services agreement, Vibra provides certain back office, collection and IT services to Post Acute Medical. The facility will be operated by Post Acute Medical, which is an affiliate of Vibra.
Representatives for HCP, Post Acute Medical, Vibra and the Post Acute Specialty Hospital of Milwaukee could not immediately be reached for comment.