As part of the deal, the existing operator of the facilities, CommuniCare Health Services Inc., has master leased the portfolio for 10 years, according to SEC filings. CommuniCare's first-year rent is $11.6 million. The rate goes up by twice the increase in the CPI or 2.5% annually, whichever is less. The lease agreement includes two 10-year renewal options.

Mark Myers and Jacob Gehl of Marcus & Millichap's Chicago office represented the seller. Myers tells GlobeSt.com that Omega was the second highest bidder. Omega was selected because "it was the straightest path to closing,' he says, adding that Omega wanted to retain the same operator and had an unused $200-million credit line already in place.

Omega is a long-term care REIT. As of September, it owned or held mortgages on 216 skilled nursing and assisted living facilities with approximately 22,407 beds located in 28 states. The properties are operated by 38 third-party healthcare operating companies.