Kindred Healthcare pays $25 million for formerly leased hospital

BUYER: KND Real Estate 32 LLC (principals: Gregory Miller, Richard Chapman and Richard Lechleiter), Louisville, Ky.
SELLER: United Medical Corp. of Tampa
PROPERTY: 4555 S. Manhattan Ave., Tampa
PRICE: $25 million
PREVIOUS PRICE: $4.5 million, December 1982
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Kindred Healthcare Inc. purchased the 33,115-square-foot Kindred Hospital Bay Area-Tampa for $25 million.

The price equated to $7,549 per square foot.

Kindred Healthcare has been leasing and operating the hospital for the past several years, according to Tim Simpson, division vice president of Florida for Kindred Healthcare.

“It was simply a real estate transaction that has no impact on the day-to-day care we provide patients,” he wrote in an email to the Business Observer.

The single-story hospital building was constructed in 1963. It occupies a 2.41-acre parcel at the northwest corner of Coachman and Manhattan avenues.

The hospital features a number of medical services, including pulmonary, IV antibiotic and complex-wound care, dialysis, rehabilitation services and pain management.

As of Dec. 31, Kindred, through its subsidiaries, operated 116 transitional care hospitals, six inpatient rehabilitation hospitals, 223 nursing and rehabilitation centers, 27 sub-acute units, 101 hospices, home care and private duty locations and 105 inpatient rehabilitation units.