Senior Living Investment Brokerage Sells $850,000 Skilled Nursing Facility in Texas
Senior Living Investment Brokerage, Inc. Managing Director Matthew Alley sold a 62-bed skilled nursing facility in Poteet, Texas, for $850,000.
The facility was bought by a non-profit entity looking to expand its seniors housing presence.
“This nursing home, while struggling with census, was a geographic fit for the buyer’s expansion plans in South Texas,” Alley commented. “It shows that there is a market for turnaround deals in Texas.”
Senior Living Investment Brokerage is based in Glen Ellyn, Illinois.
PharMerica Completes Two Acquisitions, Achieving Annual Acquisition Goal
PharMerica Corporation (NYSE:PMC), a diversified national provider of speciality and institutional pharmacy services, revealed that it has completed two transactions.
Specifically, PharMerica has acquired Midland, Michigan-based Integrated Pharmacy Network (IPN), a long-term care pharmacy that offers comprehensive pharmacy services to long-term care and other health care facilities.
Additionally, the company’s Amerita subsidiary acquired Olathe, Kansas-based Alternacare Infusion Pharmacy, which offers specialty home infusion services in the greater Kansas City metropolitan area.
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Financial terms of the deals were not disclosed. Including these acquisitions, PharMerica has reached its goal of completing acquisitions that generate at least $100 million of annualized sales, in the aggregate, in 2015.
Senior Living Investment Brokerage Sells Assisted Living Portfolio in Pennsylvania
Glen Ellyn, Illinois-based Senior Living Investment Brokerage, Inc. announced that Matthew Alley and Toby Siefert sold an assisted living portfolio in Eastern Pennsylvania for an undisclosed amount.
The portfolio consists of about 250 units. Parts of the buildings were built in 1960, with additions and updates through 2004.
The transaction represents the purchaser’s first acquisition since starting a new company. The principal of the new entity has experience in seniors housing operations as a former partner of a different chain.
Amica Mature Lifestyles Inc. and Baybridge Seniors Housing Inc. Announce Closing of Acquisition
Canadian company BayBridge Seniors Housing Inc. and Vancouver, Canada-based Amica Mature Lifestyles Inc. (TSX: ACC) announced that all conditions related to BayBridge’s acquisition of Amica have been satisfied and the transaction has closed on the terms previously announced on Sept. 2.
Amica Mature Lifestyles is a leader in the management, design, marketing, development and ownership of luxury seniors residences. Currently, there are 25 Amica Wellness & Vitality Residences in operation in Ontario, British Columbia and Alberta, Canada.
Following this transaction, BayBridge Seniors Housing, along with its management company BayBridge Senior Living, operates, owns or has a vested interest in 59 fully operational senior living communities in Alberta, British Columbia and Ontario. Additionally, BayBridge has six communities under construction and more sites in development.
The acquisition was completed by way of a court-approved plan of arrangement under the Canada Business Corporations Act. As part of the arrangement, every Amica Shareholder received C$18.75 in cash and every outstanding stock option of Amica was cancelled at the effective time of the arrangement in exchange for a cash payment equal to the amount by which the consideration per share payable pursuant to the plan of arrangement exceeded the exercise price of such option.
Sale of Manning Gardens Nursing & Rehab Facility Closes
The sale of the 14,777-square-foot, 59-bed Manning Gardens Nursing & Rehab Facility in Fresno, California, closed in November.
The facility was sold in a quick sale in December 2012.
Originally featured as a traditional pocket listing, JCH Senior Group’s Shep Roylance represented the purchaser, a Los Angeles-based skilled nursing owner/operator. As the deal progressed, Roylance’s client realized that the current owner may consider a sales leaseback transaction. Over the next 30 days, Roylance and the potential purchaser renegotiated the agreement, turning it into an outright sales leaseback transaction, permitting the current owner to maintain operation of the facility.
Included in the sales leaseback transaction – which was bought for an undisclosed amount – was a capital improvement budget of $500,000.
Roylance’s clients were able to acquire an additional facility in Fresno and permit the current owner of Manning Gardens the ability to continue operating the facility after paying down some debt.
As soon as the deal officially closed, the new tenant and current licensee of Manning Gardens were able to start renovations.
Written by Mary Kate Nelson