SYRACUSE, N.Y. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage, has arranged the sale of The Hearth on James, a 71-unit independent living and assisted living community in Syracuse.
The Hearth on James, located approximately one mile north of the Syracuse University campus, was originally built in 2001 carrying the Enriched Housing Program licensure designation granted by the State of New York.
The community was acquired in a sale/leaseback structure between Mainstreet Health Investments Inc. (TSX: HLP.U) and The Hearth, a Syracuse-based operator that manages 15 retirement communities in four states.
The sale is the second closing as part of a three-property, $50 million portfolio sale. Details on the other properties were not disclosed.
Blueprint’s Tim Cobb and Steve Thomes were lead advisors on the transaction.