SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has sold seven skilled nursing facilities in Ohio for $52 million.
In connection with the completion of the sale, the company’s master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units.
“In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties,” says Dave Sedgwick, CareTrust president and CEO. “Given how much the world has changed since we kicked off that process, getting this significant disposition done by the end of summer is a testament to the talented team at CareTrust.”
With respect to the other 25 seniors housing facilities currently held for sale or re-tenanting, Sedgwick says, “The remaining properties are moving forward towards resolution in the coming months. We continue to see a path to completing this work by year-end for the majority of the assets.”
Evans Senior Investments brokered the transaction.