Real estate company buys hospital land
Feb 22, 2011 | 4505 views | 2 2 comments | 15 15 recommendations | email to a friend | print

BAYONNE AND BEYOND -- A vague press release from a real estate investment trust called Medical Properties Trust, based in Birmingham, Ala., said last week that Medical Properties had purchased a hospital in Dallas, Texas, as well as the land of a New Jersey hospital that sounds a lot like Bayonne Medical Center.

The release reads, “The company purchased for approximately $58 million the real estate of a 6-story, 278-bed acute care hospital in the New Jersey area of metropolitan New York, and leased the facility to the operator under a 15-year lease, with six 5-year extension options. The operator is an affiliate of a private hospital operating company that acquired the hospital in 2008.”

Bayonne Medical Center is a 278-bed hospital.

The release implies that the land has been sold, but the facility has been leased back to the owners who are running it as a hospital.

A spokesperson for Bayonne Medical Center confirmed on Tuesday that there has been a sale of land, but not of the hospital. More details will be revealed after they are made public.

The hospital was purchased in 2008 by a group of investors, IJKG Opco LLC.

For related stories, see links below. Watch this space for updates on this issue.

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BayonneGeorge
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February 22, 2011
BMC property value assessment land and all seven buildings = 8 million dollars

"Sale price of Land"= 58 million dollars

Property flipping or not, it sounds like they are a few steps ahead of the law and what does the SEC think about this ?
BayonneGeorge
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February 22, 2011
BMC has been sold but is the sale in accordance with state regulations and doe the sale impact compliance with the agreements with the state which were made upon the purchase by its private owner? How far will these guys push the envelop?