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Skilled Nursing Portfolio Fetches $115M

INDIANAPOLIS-Locally headquartered Cleveland SeniorCare Corp. sells 10 skilled nursing facilities and one assisted living facility in Ohio to the Timonium, MD-based REIT Omega Healthcare Investors.

By Brian K. Miller | Updated on January 10, 2006

INDIANAPOLIS-Locally headquartered Cleveland SeniorCare Corp. has sold an 11-property portfolio of senior care properties in Ohio to publicly held Omega Healthcare Investors of Timonium, MD for $115.5 million. The portfolio includes 1,610 beds in 10 skilled nursing facilities and one assisted living facility spread among nine cities.

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.

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