News Briefs: CLW, Life Care Services, Avery Company, SearStone

CLW Represents Royal Senior Care in $27 Million Transaction

CLW Health Care Services Group is pleased to have represented Royal Senior Care (RSC) in a joint venture transaction valued at $27 million. RSC, a subsidiary of Gazit-Globe, will take Cornerstone Healthcare Plus REIT, Inc. as an 80% partner in two of its Assisted Living properties in South Carolina with a total of 180 units. RSC will retain a 20% ownership
stake and will continue managing the properties.

Life Care Acquires CRSA Holdings

Life Care Services LLC (LCS) and CRSA Holding, Inc. (CRSA) recently announced that the two parties have finalized an agreement by which LCS has acquired the assets of CRSA. The closing officially occurred on April 30, 2010 and terms of the agreement were not disclosed. 


“When this opportunity was presented to us a few months ago, we were immediately interested and pursued it based on our prior knowledge of CRSA, and because of the growth potential it offered our company,” said Ed Kenny, President and CEO of LCS.

Avery Company Closes Transaction For Firesteel Skilled Nursing Facility

Avery Company has recently closed a transaction for the sale of Firesteel Health Care Center in Mitchell, South Dakota. Firesteel Health Care Center, a 146-bed skilled nursing facility sold for $11,150,000 to Mission Health after the Avery Company was able to generate multiple offers with back up offers reaching the asking price. This long-time family owned facility was highly profitable due to pride of ownership and skillful management. Gary G. Avery of Avery Company handled the transaction.

SearStone Announces Management Agreement with Retirement Living Associates, Inc.

SearStone continuing care retirement community (CCRC) recently announced an agreement with Retirement Living Associates, Inc. (R.L.A.) to provide management, training and staffing services for the community.


David Ammons, owner and principal of R.L.A., said, “Our biggest capital is our reputation, and I am proud to enter into this agreement with Bill Sears and SearStone. I have great respect for our seniors and I want them to be able to enjoy their retirement without any cares as our staff provides them with excellent service.”

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