Grubb & Ellis Sell Arizona Senior Housing Facility for $12 Million

Grubb & Ellis Company (NYSE: GBE) announced it facilitated the sale of a senior housing facility in Mesa, AZ.

Nationwide Health Properties Inc., acquired the property from Arbor Rose Senior Care LLC and Arbor Rose LLC for $12 million.

As part of the deal, Milestone Retirement Communities will take over the operations of Arbor Rose Assisted Living, which at the time of sale was 95% occupied said Grubb.  The property, originally constructed in 2000, is currently undergoing renovations and expansions that are slated for completion in late 2011.


“This was a unique transaction that allowed the previous owners to create a new operating partnership with Milestone Retirement Communities, while having the security and backing of a national healthcare REIT to finance the property’s expansion,” said Alan Ursillo, senior vice president, Investment Services, and director of the Senior Housing Group for GBE.

Upon completion, the senior housing facility will offer an additional 45 beds, for a total of 76 beds, and will be situated on roughly 5.2 acres of land.  In addition to adult day care, assisted living and hospice, the senior housing facility will also offer dementia services once the expansion is complete.

The name of the facility will remain the same under the new owners said Grubb.