CareTrust REIT Adds to Its Illinois Portfolio
Seeking to expand a partnership that is clearly working, CareTrust REIT tacked on an extra senior care campus to its existing seven-property master lease with WLC Firm, LLC. Located in the southern Illinois town of Mt. Carmel (and right in WLC’s geographic wheelhouse), the facility features 90 licensed skilled nursing beds and 38 supportive living beds. WLC will replace the outgoing operator, which is leaving behind a sold four-star rated facility. The initial annual cash rent for the property is expected to be about $853,000, and the lease comes with a 15-year term, plus two five-year extension options. CareTrust used cash on hand to pay to purchase price, which came out to about $9.0... Read More »
CareTrust REIT Picks Up Parker, Colorado SNF
CareTrust REIT made its second acquisition in the state of Colorado (nearby its first purchase), spending $19.6 million, or $127,300 per bed, to buy a 154-bed skilled nursing facility in Parker, Colorado (Denver MSA). The REIT’s Salt Lake City-based operating partner, Eduro Healthcare, sourced the transaction with an eye to immediately improve operations at the facility. Built in 2012 across the street from Parker Adventist Hospital, the facility was the only SNF in Parker that is certified for both Medicare and Medicaid. Eduro also benefits from having a local footprint, which includes a 170-bed skilled nursing facility in Lakewood that CareTrust bought in 2015 for $12.2 million, or... Read More »
Blueprint and Birchwood
Birchwood Healthcare Partners is making a successful exit from their skilled nursing/assisted living facility in Huntington, West Virginia, more than doubling the facility’s value after just three years of ownership. When Birchwood originally purchased the 55-bed/unit facility from an individual owner in 2015 for $3.2 million, the facility was losing money. Originally built in 1928, the facility was totally renovated in 2009 making it one of the more modern facilities in the area. It also featured an assisted living component. Although it was 90% occupied, its operator tenant stopped paying rent and filed for bankruptcy, prompting the owner to sell. So, Birchwood brought in Providence... Read More »
CareTrust Completes Second HCR ManorCare Acquisition
CareTrust REIT headed to Fargo, North Dakota for its latest acquisition, adding a 110-bed skilled nursing facility to its portfolio for a purchase price of approximately $4.75 million, or $43,200 per bed, inclusive of transaction costs. There is also an estimated cap rate of about 13.25%. The facility was previously operated by HCR ManorCare and represents the second HCR facility CareTrust has picked up this year, having previously purchased a 99-bed facility in Aberdeen, South Dakota. Like the Aberdeen property, the North Dakota facility was added to an existing master lease with Eduro Healthcare at an annual rate of $425,000, with a remaining term of 12 years, two five-year renewal... Read More »Schedule a demo
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