INDIANAPOLIS, IN- Mainstreet Property Group, an Indiana-based developer of seniors housing and other care facilities, announced this week that its affiliate, HealthLease Properties Real Estate Investment Trust, had approved the purchase of 13 senior citizen and other care centers located in North Carolina, Pennsylvania and Virginia for a total of about $141.7 million.
The facilities include a total of 978 beds, including 355 in four skilled nursing homes, 563 in eight combination assisted living/Alzheimer's facilities and 60 in one standalone Alzheimer's facility.
Alamance House in Burlington, North Carolina, for example, one of the purchased group, specializes in assisted living and care for people suffering from Alzheimer's. It has a special memory care wing and residents can get private rooms, baths, an on-site physician, special diets, full-service housekeeping and social programs.
"The acquisition of these newly-built or newly-renovated properties greatly enhances our scale and diversification with respect to health care product mix and geography, in addition to lowering the average age of our portfolio properties to approximately 6 years,” says Zeke Turner, chairman and CEO of both Mainstreet and HealthLease. “It continues our expressed strategy of building a portfolio of high-quality care facilities, leased under triple-net structures, to leading national operators."
The acquired properties have been triple-net leased to well-known operators of assisted living, memory care and nursing homes. For example, North Carolina-based Meridian Senior Living runs Alamance House and five more of Mainstreet's new acquisitions. The company runs a total of 91 facilities in 12 states. Ohio-based Saber Healthcare Group, LLC, will run the other seven properties acquired by Mainstreet.
Once they complete the acquisitions, HealthLease Properties REIT's portfolio will have 28 facilities across five states and Canada.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
