Evans Senior Investments was engaged by an independent owner/operator in its divestment of a CCRC in Shrewsbury, Massachusetts. Shrewsbury Campus is made up of three components: Southgate at Shrewsbury (senior living), Shrewsbury Nursing & Rehabilitation (skilled nursing) and Shrewsbury Medical Center (medical office buildings). ESI ran a competitive and confidential marketing process, engaging with a select group of prospective buyers. The Atlas Healthcare Group was ultimately selected as the buyer, for an undisclosed price.
Built between 1969 and 1986, Southgate and Shrewsbury Nursing total 171 independent living units, 60 assisted living units and 99 skilled nursing beds. The IL and AL units also carried a large entrance fee liability and mortgage indenture that was put in place 30 years ago. Shrewsbury Medical is made up of two medical office buildings. Built in 1970, the east office building offers five suites. Built adjacent in 1980, the west office building offers 10 suites. At the time of marketing, the campus demonstrated strong potential for continued success, with Southgate 98% occupied, Shrewsbury Nursing 70% occupied and Shrewsbury Medical 100% occupied. Prior to the pandemic, the SNF component consistently achieved an average 86% occupancy rate. No additional details were disclosed.
