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Business Observer Friday, May 22, 2009 12 years ago

The Oaks Bradenton buys Windsor Oaks


BUYER: The Oaks Bradenton LLC (Cornerstone Growth & Income REIT Inc.), Irvine, Calif.
SELLER: Health Care REIT Inc.
PROPERTY: 2614 and 2618 W. 43rd St., Bradenton
PRICE: $4.5 million
PREVIOUS PRICE: $2.7 million, July 1997
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Tampa
PLANS, DESCRIPTION: Cornerstone Growth & Income REIT Inc. purchased the 36-unit Windsor Oaks, a 36-unit, assisted living and memory care facility on 43rd Street West, south of 26th Avenue West, for $4.5 million, equal to an average of $125,000 per unit.
The two-acre parcel houses two adjacent single-story buildings, each of which is 8,800 square feet. The land also has room for a 10-unit future expansion of the complex. Originally built in 1996, Windsor Oaks was last renovated in 2003.
The second acquisition for the REIT, the purchase was done as part of a strategic alliance with Servant Healthcare Investments. The acquisition price equated to a 10.5% capitalization rate based on the facility's 2008 net operating income. The company is currently 100% occupied and has had an average annual occupancy above 94% since January of 2006
Legend Senior Living has operated the facility since 2003 and will continue to manage it. The purchase entity The Oaks Bradenton LLC mortgaged the property to The PrivateBank and Trust Co. for $2.4 million.
Part of the Cornerstone Real Estate Funds, Cornerstone Growth & Income REIT buys leased healthcare and industrial properties and other real estate-related assets.

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