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PETALUMA, Calif. — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired The Oaks, a 59-bed skilled nursing facility in the San Francisco suburb of Petaluma, for $6.9 million.
CareTrust immediately leased the facility to West Harbor Healthcare upon purchase.
The REIT expects an initial annual revenue of approximately $700,000 under the new lease, which has a 15-year term, two five-year renewal options and CPI-based rent escalators.
CareTrust is a publicly traded REIT based in California. The company currently owns 145 net-leased healthcare properties in 20 states.