LCB Senior Living Acquires Mass. Assisted Living Community for $9.9 Million
LCB Senior Living, LLC acquired The Cedars Assisted Living community of Dartmouth, Mass., for $9.9 million on June 9. The community will be renamed The Residence at Cedar Dell, effective immediately.
The Residence at Cedar Dell, a 63,000-square-foot community, will include 78 independent, assisted and memory care living units. It will be renovated over the next year to include new furniture, carpeting and finishes, along with other improvements to enhance appeal.
Norwood, Massachusetts-based LCB currently has six communities in various stages of construction across New England.
Senior Housing Investment Banking Firm Makes $28 Million Deal on Skilled Nursing Facilities
The owners of Trinity Health & Rehabilitation Center and Hebert Nursing Home engaged Evans Senior Investments to sell the two properties, which comprise a total of 318 beds.
The properties were purchased for $28 million and the lease was negotiated on the following terms: non recourse, three months security deposit with one month burning off, 9.52% lease rate, 15 years, with two five-year options.
Trinity and Hebert are located outside of Providence, R.I., and are less than nine miles apart.
Griffin-American Healthcare REIT III Acquires Medical Office Building Near Atlanta
Griffin-American Healthcare REIT III, Inc. acquired DeKalb Professional Center, a 19,000-square-foot medical office building in the Atlanta suburb Lithonia, for $2.8 million.
The Professional Center — which is 81% leased to four tenants, who combine to lease about 60% of the building’s rentable space through 2018 — is located a mile from DeKalb Medical Hillandale, a 100-bed acute care hospital.
Griffin-American Healthcare REIT III acquired the center from McWhirter Realty Partners, LLC.
REIT Invests $12.5 Million in Washington Senior Living Properties
CNL Lifestyle Properties has acquired La Conner Retirement Inn and South Pointe Assisted Living in La Conner and Everett, Wash., respectively, for approximately $12.5 million.
Both properties will be operated by affiliates of Radiant Senior Living, Inc. — which operates two existing senior housing communities owned by CNL — under long-term net leases.
La Conner Retirement Inn is an assisted and independent living community with 67 units. The community was 83.6% occupied as of June 10. South Pointe Assisted Living is also an assisted and independent living community with 41 units. It was 97.6% occupied as of June 10.
Home Care Services Company Acquired by C & M Health Services
C & M Health Services, LLC, which has experience in home care and aging in place solutions, has acquired New Jersey-based Health & Comfort Home Care Agency, which will continue to operate under the same name.
Health & Comfort Home Care provides health care and a continuity of care for all individuals in New Jersey in need of in-home health care services, as well as for those in health care facilities in need of extra assistance.
The purchase price was not disclosed.
Medtronic Buys Covidien in $42.9 Billion Deal
Medtronic, which develops and manufactures medical device technology, has bought Covidien, a global health care products company and manufacturer of medical devices and supplies, in a cash-and-stock transaction valued at about $42.9 billion.
The combined company, which will become a new entity called Medtronic plc, will have 87,000 employees in more than 150 countries. It will have principal offices in Ireland, where Covidien’s current headquarters are located and where both companies have had a longstanding presence.
Medtronic plc will continue to have operational headquarters in Minneapolis, Minn., where Medtronic currently employes more than 8,000.
Per the transaction, each outstanding share of Covidien will be converted into the right to receive $35.19 in cash and 0.956 of an ordinary share of Medtronic plc. The per-share consideration represents a premium of 29% to Covidien’s closing stock price on June 13, the last trading day prior to the announcement.
Companies featured in this article:
C & M Health Services, CNL Lifestyle Properties, Covidien, DeKalb Professional Center, Evans Senior Investments, Griffin-American Healthcare REIT III, Health & Comfort Home Care Agency, Hebert Nursing Home, La Conner Retirement Inn, LCB Senior Living, Medtronic, South Pointe Assisted Living, The Cedars Assisted Living, Trinity Health & Rehabilitation Center