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$52M Buys Senior Care Portfolio

SANTA ANA, CA-Locally based NNN Healthcare/Office REIT Inc. acquires six senior care facilities on three campuses in Eastern Florida.

By Brian K. Miller | Updated on October 05, 2007

SANTA ANA, CA-NNN Healthcare/Office REIT Inc., sponsored by locally based Triple Net Properties LLC, has acquired three senior care campuses in Florida for $52 million in cash and debt, according to SEC filings. The campuses collectively provide 733 licensed beds and 667 operating beds, encompassing approximately 354,500 sf.

Located in the cities of Jacksonville (Duval County), Sunrise (Broward County) and Winter Park (Orange County), each campus consists of a skilled nursing facility and an assisted living facility that are connected by an enclosed hallway. Constructed in the latter half of the 1980s, the properties are 100% leased to a third-party operator, according to Triple Net.

Healthcare/Office REIT had sold approximately 15.6 million shares of its common stock for more than $154.1 million through its initial public offering, which began in the third quarter of 2006. NNN Healthcare/Office REIT’s VP of acquisitions Danny Prosky says the portfolio marks the REIT’s first in the skilled nursing and assisted living arena.

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