SHAWNEE, Kansas — Granite Investment Group has acquired a 48-unit assisted living facility in the Kansas City suburb of Shawnee for $7.2 million. The transaction was completed at an all-in cap rate of approximately 8.4 percent and features a long-term bond net lease that expires in 2030.
Located at 16207 Midland Drive, the single-story building was purchased in a sale-leaseback transaction from Shawnee Heartland Assisted Living Inc., which has operated the facility since its construction in 2000.
The 32,388-square-foot building rests on approximately 4 acres of land with availability for expansion and features one- and two-bedroom units.
Ben Firestone, Jacob Gehl, and Mike Segal of Blueprint Healthcare Real Estate Advisors represented the seller in the transaction. HUD bridge financing was provided by GE Capital, Healthcare Financial Services.
Granite Investment Group currently manages a portfolio of commercial real estate assets valued in excess of $500 million, primarily comprised of seniors housing facilities. Based in Irvine, California, Granite is a privately held investment management firm that has bought and sold approximately $1.5 billion of commercial real estate equity and debt on behalf of thousands of investors since 1995.