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Health Care REIT, affiliate buys three assisted-living facilities

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  • | 6:42 a.m. August 31, 2012
  • | 2 Free Articles Remaining!
  • Manatee-Sarasota
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BUYER: HCRIX Royal LLC, Toledo, Ohio
PROPERTY: 2290 Cattlemen Road, Sarasota
PRICE: $10.7 million
PREVIOUS PRICE: $10.93 million, March 2007

PROPERTY: 3749 Sarasota Square Blvd., Sarasota
PRICE: $8 million
PREVIOUS PRICE: $5.72 million, March 2007

BUYER: Health Care REIT Inc. (50.61% interest), Toledo, Ohio and HCRIX Royal LLC (49.39% interest), Toledo, Ohio
PROPERTY: 3221 Fruitville Road, Sarasota
PRICE: $7.46 million
PREVIOUS PRICE: $10.3 million, March 2007

LAW FIRM ON DEED: Goodwin Proctor LLP, New York City

PLANS, DESCRIPTION: HCRIX Royal LLC, an affiliate of Health Care REIT Inc., and in one case Health Care REIT itself purchased the Heron Club at Prestancia, Heron House and Heron East assisted-living facilities for a total of $26.16 million.

According to the Sarasota County Property Appraiser, the 51,801-square-foot Heron House facility features 90 units and was built in 1998. It is the only facility of the three to offer memory-care assistance.

The 75-unit Heron Club at Prestancia was built in 1990 and includes 65,598 square feet of living space. The 48,055-square-foot Heron East houses 112 total units and was constructed in 1999.

The Sarasota County properties were all owned by Royal Senior Care LLC, but operated by Senior Lifestyle Corp.

The three locations were traded by Royal Senior Care as part of a 12-property bulk sale for $230 million, before debt and transaction costs. The properties were all located in the southeastern United States and housed 1,310 units.

Since it acquired the Sarasota County properties, Health Care REIT has announced plans to acquire Sunrise Senior Living for $14.50 per share or a total purchase price of $1.9 billion. The purchase will make Health Care REIT one of the largest of seniors housing worldwide with more than 58,000 units in the United States, United Kingdom and Canada.


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