Jul
17
MedEquities Buys IN Skilled Nursing Facilities
ByMagnolia Health Systems sold the assets for $15 million in cash and will lease them back on a triple-net basis for 15 years.
MedEquities Realty Trust Inc. has executed a definitive agreement to purchase two skilled nursing facilities in Indiana from Magnolia Health Systems for $15 million in cash. The company will lease the facilities to Magnolia, pursuant to a 15-year, triple-net master lease at an initial lease rate of 9 percent, with annual escalators. The transaction is expected to close within 30 days, subject to customary closing conditions.
The two free-standing, single-story skilled nursing facilities include 160 licensed beds. Brookville Healthcare Center is located at 11049 State Road 101 in Brookville, Ind., just off Route 101. The 34,302-square-foot facility is licensed for 100 beds…
