NORTON, Mass. — Cushman & Wakefield has arranged the sale of The Residences at Norton, a 72-unit assisted living property, and Wingate at Norton, a 106-bed skilled nursing facility. The properties are located on a single campus in Norton, approximately 30 miles south of Boston.
The institutional seller was a pension fund investor that is exiting the senior living space. The buyer is a joint venture between Harrison Street, an institutional private equity firm and LCB Senior Living. The price was not disclosed.
LCB, a regional operator, plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to memory care and increased common area space.
The transaction represents the third in a series of divestitures Cushman & Wakefield has executed on behalf of the seller, with additional sales in progress. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin.