Hackensack (N.J.) University Medical Center and LHP Hospital Group in Plano, Texas, have sold the land and buildings of their joint venture hospital in Montclair, N.J., in a sale-leaseback transaction.
Medical Properties Trust, a healthcare real estate investment trust, acquired HackensackUMC Mountainside for $115 million. The deal gives HackensackUMC and LHP immediate cash, and they will still control all operations of Mountainside. However, they will now pay to lease Mountainside.
The nonprofit HackensackUMC and for-profit LHP jointly own and run the 365-bed Mountainside hospital. They completed the joint venture deal in 2012.
Medical Properties Trust owns the property of more than 80 acute-care hospitals, specialty hospitals, rehabilitation hospitals and health centers across the country.
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