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News release


Investors Seek Scale in Boston-Area Hospital Acquisition

JLL closes $114.5 million sale of Braintree Rehabilitation Hospital and New England Rehabilitation Hospital

BOSTON, Dec. 9, 2015 – Strong operating performances and high barriers to entry are bringing investors to Boston in pursuit of healthcare real estate. On behalf of Harrison Street Real Estate Capital and The Sanders Trust, JLL’s Capital Markets experts today announced the firm has closed the $114.5 million sale of two Boston-area hospitals. CS Capital Management, on behalf of a confidential institutional client, is continuing its expansion into healthcare real estate by purchasing Braintree Rehabilitation Hospital located in Braintree, Massachusetts and New England Rehabilitation Hospital located in Woburn, Massachusetts.

Managing Director Mindy Berman, practice lead for JLL Healthcare Capital Markets based in Boston along with Senior Vice Presidents Daniel Turley and Steve Leathers, led the JLL team on the transaction.

“Investors are eager to gain presence in metro-Boston and these hospitals presented a rare opportunity to purchase high-quality operating assets,” said Berman. “HealthSouth, the largest post-acute healthcare company in the country, assumed operations of the hospitals last month which will allow the new ownership to benefit from best-in-class sponsorship.”

Braintree Rehabilitation Hospital totals 109,020 square feet and 166 licensed beds while New England Rehabilitation Hospital totals 125,000 square feet and 168 licensed beds. The two inpatient rehabilitation hospitals control 70% of the rehab beds in the Boston area, providing a critical service for patients requiring intensive therapy upon discharge from local acute care hospitals. Both hospitals are fully occupied under long-term net lease arrangements with HealthSouth’s local hospital operating entities.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Harrison Street Real Estate Capital LLC
Harrison Street Real Estate Capital LLC ("Harrison Street") is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 70+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $7.9 billion in assets on behalf of some of the world’s largest institutional investors.