HealthLease Properties Real Estate Investment Trust has completed three development properties acquired from the Smith Packett Portfolio earlier this year.
The facilities located in North Carolina consist of two assisted living/Alzheimer facilities (ALF/ALZ) and one Alzheimer facility (ALZ) comprising a total of 191 beds. Since the acquisition, these facilities had been head leased by Smith Packett.
"The successful acquisition and completion of these development properties are testaments of our ability to execute on our growth strategy," says Zeke Turner, chairman and chief executive of the REIT. "The completion of these development properties is consistent with our goal of adding high-quality assets that further strengthen and diversify our property portfolio."
The SP I Portfolio, acquired earlier this year, is triple-net leased to tenants affiliated with national operators of assisted living, memory care and skilled nursing facilities.
Two of the recently completed facilities, a 54-bed ALZ facility located in Youngsville and a 77-bed combination ALF/ALZ facility located in Clayton, will be managed by Saber Health Care Group. Saber, headquartered in Bedford Heights, Ohio, operates 74 facilities across six states, including 12 properties currently owned by the REIT. Management estimates that Saber is the 24th largest skilled nursing operator in the US.
The 60-bed AL/ALZ facility located in Greensboro, North Carolina has been fully leased on a long-term, triple-net basis to Meridian Senior Living. Meridian, headquartered in Hickory, North Carolina, operates 91 facilities across 12 states, including seven properties currently owned by the REIT. Management estimates that Meridian is the 11th largest assisted living operator in the US.