Stirling Properties Acquires $60MM Rehab Hospital In Joint Venture With Ochsner

by • December 27, 2017 • Acquisitions, Healthcare, Jefferson ParishComments (0)2348

Photo of 2614 Jefferson Highway via Stirling Properties.

A joint venture made up of Stirling Properties and the Ochsner Clinic Foundation have closed on the acquisition of the new Ochsner rehabilitation hospital located at 2614 Jefferson Highway in Jefferson, Louisiana.

The new facility was built by the Feil Organization and leased to Ochsner.  Feil reportedly paid between $5.5 and 6.5MM for the property in 2014.

This new addition to Ochsner’s Main Campus West is a five-story, 129,875-square-foot medical building. It will house three separate high-demand healthcare components, including Long Term Acute Care, Inpatient Rehabilitation, and a Skilled Nursing Facility.  Ochsner will be the primary operator in the new building, along with Select Medical and LHC Group.

Construction started on the development in early 2017, and building and site work is now complete. The facility plans to open by the 2nd quarter of 2018.

CSB couldn’t obtain the purchase price paid by Stirling Properties for the acquisition, but the total project cost was apparently $59,775,000.  IBERIABANK provided the debt financing.

Stirling Properties, traditionally a developer of retail projects, has shifted its focus in recent years toward healthcare developments.  In particular, Stirling has worked on a number of developments with Oschner, including a new five-story, 155,000-square-foot medical office building, and a 30,000-square-foot ambulatory surgery center in Baton Rouge, and the former Louisiana Heart Hospital in Hammond, LA.

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