Health Care REIT Sells Fla. Nursing Home for $9.16 Million
Toledo, Ohio-based Health Care REIT sold a nursing home in September to Sarasota SNF Real Estate Investors, LLC, a subsidiary of Life Care Centers of America, for $9.16 million, according to the Herald Tribune.
The REIT purchased the land for the 64,000-square-foot building for $560,000 in February 1999, and completed construction on the facility in 2000.
SunTrust financed Sarasota SNF Real Estate’s acquisition with a $16.94 million loan.
Ide Management Acquires 7 Ind. Senior Care Communities from Greystone
Senior care community owner and manager Ide Management Group recently acquired seven Indiana skilled nursing facilities from Greystone Healthcare Management for an undisclosed price.
“IMG is not just here to do business; we are here to be part of the community, and the long term success of these Indiana facilities. We know it can take time to implement improvements, and we’re willing to roll up our sleeves and work side-by-side with staff to listen, educate, teach and support them through the process,” said IMG founder Mark Ide in a statement.
Care Investment Trust Cancels $106.5 Million Portfolio Acquisition
Care Investment Trust has terminated a purchase agreement with Juniper Communities LLC to acquire seven assisted living and memory care communities in a $106.5 million transaction, according to an 8-K filing. The company is seeking a return of funds deposited toward the purchase price.
Juniper did not provide comment.
Development Group Buys Land for $2.3 Million Senior Housing Project
Continental East Development recently bought a 18.7 acre parcel of land in Indio, Calif., from Wells Fargo for $2.3 million with plans to build a combination of senior housing and retail, reports MyDesert.com.
The land is mixed-use and has flexible zoning. Its location is in proximity to other senior living communities, a residential area, and country clubs, according to agents from NAI Capital’s Palm Desert office, who represented the seller. Stone James of Land Advisors represented the buyer.
The developer has prior senior living development experience, including a similar project, an assisted living community in Moreno Valley, Calif.
Continental East Development is a self-funded development company, according to the article, that seeks out distressed real estate investment opportunities among other ventures.
Greenfield Senior Living Buys Va. Senior Care Community
Greenfield Senior Living, Inc., based in Falls Church, Va., recently acquired a 48-unit assisted living and memory care community in Spotsylvania County, Va. from Dr. Abdul Durrani for an undisclosed price.
The community is currently closed and will remain closed as it undergoes a nearly half-million dollar renovation. Upon opening, the community will be named Greenfield of Spotsylvania.
AdCare Acquires Ark. Skilled Nursing Facility for $6.3 Million
AdCare Health Systems, Inc. (NYSE MKT:ADK) has acquired a skilled nursing facility near Little Rock, Ark., for $6.3 million.
The 70-bed facility is newly constructed and is close to two hospitals, which management believes will serve as key referral sources.
Because the facility has not yet opened, there are not historical performance metrics. However, management expects annualized revenue to exceed $8.5 million and to contribute positively to the consolidated bottom line, inclusive of depreciation and interest expense.
AdCare expects to complete the acquisition in the fourth quarter of 2012 and will finance the majority of the acquisition with a traditional bank loan.
“This impressive and strategically located facility squarely aligns with our strategic goals and significantly broadens our presence in the Little Rock, Arkansas region,” said Boyd Gentry, AdCare’s president and CEO, in a statement. “Our optimization strategy leverages our regional teams to increase facility occupancy and Medicare census, as well as optimize reimbursement and patient care.”