CareTrust Purchases 128-Bed Skilled Nursing Facility in Illinois for $9M

MT. CARMEL, Ill. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Oakview, a skilled nursing and supportive living campus in Mt. Carmel, located in the southern portion of Illinois along the Indiana border.

The campus includes 90 licensed skilled nursing beds and 38 licensed supportive living facility beds. The acquisition was an addition to CareTrust’s existing seven-property master lease with Harrisburg, Ill.-based WLC Firm LLC, which will replace the outgoing operator.

CareTrust paid $9 million for the facility, including transaction costs. The initial annual cash rent from the Oakview asset will be approximately $853,000. The acquisition was funded using cash on hand. The seller was not disclosed.

As part of the transaction, CareTrust and WLC entered into an amended master lease with CPI-based annual rent escalators and a 15-year term plus two five-year renewal options.