MedEquities Buys CT Skilled Nursing Facility from Prospect Medical
Prospect ECHN Eldercare Services Inc. leased the 65,000-square-foot property in Tolland, Conn., which changed hands for an aggregate cash price of $10 million.
By Ariela Moraru
MedEquities Realty Trust Inc. has closed the acquisition of Woodlake at Tolland Nursing & Rehabilitation Center, a skilled nursing facility in Tolland, Conn. A wholly owned subsidiary of Prospect Medical Holdings Inc. sold the 130-bed asset for an aggregate cash price of $10 million.
Prospect ECHN Eldercare Services Inc. leased the 65,000-square-foot facility, pursuant to a 12-year, triple-net lease at an initial lease rate of 9 percent with annual escalators. Prospect Medical Holdings and Prospect ECHN provided a guaranty for the lease. Prospect ECHN also owns three hospitals in Connecticut and a network of outpatient service centers.
Located at 26 Shenipsit Lake Road, Woodlake at Tolland provides both short-term and long-term care. The three-story, free-standing skilled nursing facility is situated some 20 miles northeast of Hartford, Conn. Property amenities include a gift shop, ice cream bar, library, beauty salon, recreation area and paved outdoor walking trails.
Skilled nursing demand edges up
The skilled nursing occupancy rate increased to 82.6 percent at the end of 2017’s first quarter, up 36 basis points from the previous quarter, according to the National Investment Center for Seniors Housing & Care.
Image courtesy of Prospect ECHN