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.
Woodlake at Tolland Nursing & Rehabilitation Center

Woodlake at Tolland Nursing & Rehabilitation Center

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┬áincreased 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