A long-term acute care hospital near Waterford has been sold for $15.3 million, commanding a price tag well over its assessed value.
State records show the 78-acre property at 1701 Sharp Road in the town of Dover, where Lakeview Specialty Hospital and Rehab is located, was sold to Store Master Funding XII LLC. The entity lists its principal offices in Scottsdale, Arizona, with an address identical to real estate investment trust STORE Capital Corp.
The property was purchased from SREHC-Wisconsin LLC, which lists an address in Austin, Texas. The LLC is owned by the owner of Lakeview, said Danial Macks, vice president with STREAM Capital Partners, the Chicago-based real estate firm that brokered the deal.
Racine County records indicate the land and building have an assessed value of $5.7 million.
Lakeview offers programs and services in medically complex care, neurobehavioral health, rehabilitation and community supportive living, according to its website. It lists services such as specialty acute care, long-term acute care, neurorehabilitation, outpatient services and community-based residential facilities.
STORE (which stands for single tenant operational real estate) Capital is a net-lease REIT that owns a "large, well-diversified portfolio" of 2,334 properties in all 50 states as of March 31, according to the firm's website. It has tenants in the service, retail and manufacturing sectors. The top industries in its portfolio are restaurants, early childhood education, furniture, health clubs and movie theaters.
A spokeswoman for STORE Capital did not immediately respond to a request for comment.