Physicians Realty Trust Acquires Foundation Surgical Hospital of El Paso

Self-managed healthcare properties company Physicians Realty Trust has completed a $40 million acquisition of the surgical hospital and medical office building occupied by Foundation Surgical Hospital of El Paso (Texas), according to a MarketWatch report.

The 40-bed acute care hospital is 77,000 square feet. The 40,000-square-foot medical office building is 100 percent leased by the hospital and is currently subleased by physicians on the hospital's medical staff and hospital services, according to the report. Under the acquisition, the Physicians Realty Trust and the hospital have entered into a new 15-year, absolute-net lease concerning the surgical hospital and a five-year, triple-net lease for the rentable space in the office building.

The El Paso hospital is a joint venture owned by more than 60 physicians and Foundation Surgical Affiliates, according to the report. In July, Graymark Healthcare, based in Oklahoma City, Okla., acquired Foundation Surgery Affiliates and Foundation Surgical Hospital Affiliates.

Foundation Surgery Affiliates owns noncontrolling equity interests in 11 surgery centers in seven states. Foundation Surgical Hospital Affiliates owns two surgical hospitals and noncontrolling interest in two surgical hospitals, all of which are located in Texas.

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