V
entas has expanded its South Florida hospital holdings with the acquisition of a 79-bed facility in Palm Beach County for $37 million. The property, located at 5555 West Blue Heron Boulevard in Riviera Beach, was purchased by an affiliate of Ventas and will continue to be leased to ScionHealth, a Louisville-based firm that operates under the Kindred name. The lease runs through 2034 with options for renewal.

    This acquisition is part of a larger deal announced earlier this month, where Ventas purchased five Kindred hospitals, including the Riviera Beach facility, for $189 million in a leaseback agreement. Under the terms of the master lease, ScionHealth will pay Ventas an annual rent of $16 million with 2.8% annual increases.

    Ventas has a significant presence in South Florida's healthcare real estate market, owning 16 medical facilities, including two hospitals leased to Kindred in Fort Lauderdale and Coral Gables. The company's portfolio consists of over 1,350 properties worldwide, valued at $35 billion.

    In other recent transactions, Ventas sold an assisted living facility in Palm Beach County for $63.8 million and acquired a 252,000-square-foot medical building in Miami's Allapattah neighborhood as part of a larger deal with Blackstone subsidiary Wexford Science & Technology.