DALLAS — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Lakewest Rehabilitation & Skilled Care, a 118-bed skilled nursing facility in Dallas, for approximately $10 million.
CareTrust leased the Lakewest property to Next Gen P LLC, a Texas-based operator. This is the first partnership between the companies.
Heavenrich & Co. represented the seller, StoneGate Senior Living, in the transaction.
Initial annual cash rent will be approximately $900,000. The Next Gen master lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. The property is subject to a long-term ground lease owned by the Dallas Housing Authority.
The acquisition was funded using CareTrust’s cash on hand.