Senior Living Investment Brokerage Sells 2 Texas SNFs for $2.8 Million
Senior Living Investment Brokerage, Inc. announced recently that Matthew Alley, the firm’s managing director, sold a $2.825 million portfolio of two skilled nursing facilities comprising 146 beds in Lamesa and Eastland, Texas.
The Lamesa facility was purchased by a Texas operator that will own the real estate. The Eastland facility was purchased by a publicly traded REIT and will be leased to that same Texas operator.
“The seller was looking to divest of a couple of their non-performing properties,” Alley said. “The new operator has other operations in those markets and was a natural fit for this transaction.”
AdCare Leases 3 Facilities in North, South Carolina
As part of its ongoing strategic plan to transition from an owner and operator of health care facilities to a health care property holding and leasing company, AdCare Health Systems, Inc. recently announced it has signed an agreement with affiliates of Symmetry Healthcare Management, an operator of long-term care facilities, to lease two of its skilled nursing facilities in South Carolina and one in North Carolina.
With the signing of lease agreements on these properties, AdCare has now signed lease agreements to transition more than 80% of its owned and leased properties to the new leasing model as planned by the end of the first quarter of 2015.
“We continue to work expeditiously to obtain the licenses and approvals necessary to finalize these transactions, as well as negotiate and execute lease agreements on the remaining six facilities by the end of the second quarter of 2015,” said Bill McBride, AdCare’s president and CEO, in a statement.
The leasing agreement with Symmetry is contingent on all licenses and other approvals required by the states of North and South Carolina and is expected to become effective on or before May 1, 2015.
Under the terms of the triple-net lease agreements, the lessees of the facilities will be responsible for day-to-day management, ongoing maintenance and facility improvements for the duration of the leases.
The initial term of the leases is 15 years with a five-year renewal option. The annual rent in the first year will total $1.8 million and will escalate at 3% each year through the initial term and 3% upon renewal.
Since the AdCare Board approved the strategic plan to transition the company’s business from an owner and operator of health care facilities to a health care property holding and leasing company, it has entered into agreements to lease or sublease 31 of its 37 health care facilities.
Compass Pointe to Buy Arkansas Retirement Community
Compass Pointe Healthcare Systems currently has a deal in place to buy Woodland Heights, a 142-unit retirement community in Little Rock, Ark., according to local reports.
The Arkansas Teacher Retirement System currently owns the property. If the deal clears the zoning board, about 20 residents would need to be relocated within the complex.
Oxton Senior Living Announces Acquisition of Georgia Community
Oxton Senior Living, an operator of senior living facilities in Georgia and Alabama, announced recently the acquisition of Summer’s Landing in Douglas, Ga.
The purchase price was not disclosed.
The new name of the senior living community is now Oxton Place of Douglas, and, located within the Douglas medical district, it is the only senior living community in the area with secure memory care services in a personal care home environment.
The co-founders of Oxton Senior Living, Todd Barker and Dwayne A. Edwards, bring more than 50 years of combined experience to this revamped senior living community. Their goal was to modernize the facility with renovations and technology upgrades, making the community more comforting and inviting for residents.
Redilearning Announces Partnership With Skillsoft
Redilearning, the largest provider of learning solutions focused exclusively on the senior care industry, recently announced a partnership with Skillsoft, a provider of online learning solutions for global enterprises, small to medium businesses, government and education
As part of the agreement, Redilearning will offer learning programs that further extend and emphasize its dedication to the senior care industry.
Senior care providers gain access to more than 100 courses and videos to build business skills in operations, information technology and human resources. Clients can blend Skillsoft content into corporate strategic learning initiatives, automate mapping of courses to learners, and track uptake within Redilearning’s learning management system.
“Health care reform is the catalyst for the re-examination of human capital performance,” said Michael Hemlepp, CEO of Redilearning Corp, in a statement. “Historically, business acumen has been assumed. As reform unfolds and providers take on risk, mastering these fundamentals is mission critical. It’s a real opportunity for leaders to outmaneuver competitors, because in the new environment, survival is about so much more than just compliance. It’s about business transformation.”
Acquisition to Deliver Mobile Tech to Senior Care Market
Connected Living, a global technology company that caters to the aging population, recently announced that it has acquired Tethered LLC, a mobile application development company connecting consumers to entertainment and services.
The acquisition responds to the growing demand by baby boomers to connect with their aging parents, the companies say. The acquisition will combine Tethered’s mobile technology and Connected Living’s mission to inspire the aging population to connect and bring innovative products to the home and community markets.
With the acquisition, Connected Living has added new mobile expertise and a mobile development team.
“Seven years ago, no one thought that seniors wanted to be online,” said Connected Living CEO Sarah Hoit. “Now, seniors embrace new ways to communicate with their grandchildren, friends and family, and Connected Living is a leader in helping them do that with intuitive, useful technology and content.”
The acquisition will accelerate the development and launch of Connected Living’s mobile applications.
According to the companies, Tethered has a scalable core architecture that facilitates Connected Living’s plans for launching products into the market and provides enhanced capabilities, including multi-smartphone support and the latest wearable devices.
“The company will provide a full suite of mobile products to reach seniors who are aging at home and their adult caregivers with mobile apps,” Hoit said.
Written by Emily Study