Senior Housing Properties Trust Trades Medical Office, Skilled Nursing Portfolios for $26M

NEWTON, MA—Locally-based Senior Housing Properties Trust, which is looking to sell $900 million in assets, reports today it has completed the sale of its Reliant Medical Group portfolio, which included 13 properties, for an aggregate sales price of $18 million and the sale of a 15-facility skilled nursing portfolio for a total sale price of $8 million.

The company states that 10 of the skilled nursing facilities sold are located in Nebraska. Four skilled nursing facilities were located in Iowa and one skilled nursing facility is based in Kansas.

The 13 medical office buildings properties are all situated in Massachusetts. The properties are: a 4,400-square-foot MOB at 108 Elm St., Millbury, MA; a 17,057-square-foot MOB at 176 West St., Milford, MA; a 57,000-square-foot MOB at 139 Gold Star Blvd., Worcester, MA; a 11,604-square-foot MOB at 277 East Mountain St., Worcester, MA; a 21,000-square-foot MOB at 191 May St., Worcester, MA; a 17,742-square-foot MOB at 370 Lunenburg St., Fitchburg, MA; two MOB buildings for 39,718 square feet combined, at 106 and 112 East Main St., Westborough, MA; a 54,100-square-foot MOB at 630 Plantation Road, Worcester, MA; a 13,804-square-foot MOB at 405/407 Main St., Spencer, MA; a 35,580-square-foot MOB at 425 N. Lake St., Worcester, MA; a 49,357-square-foot MOB at 165 Mill St., Leominster, MA and a 41,065-square-foot MOB t 35 Millbury St., Auburn, MA.

The company did not divulge the buyer or buyers of the portfolios.

The sales were part of Senior Housing Properties Trust previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. Net proceeds will be used for repayment of debt and general business purposes.