Strawberry Fields REIT Acquires A Skilled Nursing Facility for $1 Million
SOUTH BEND, Ind.—July 18, 2017—Strawberry Fields REIT LLC (Strawberry Fields), an owner and lessor of nursing homes, long-term acute care hospital facilities and medical office buildings in the Midwestern and Southern U.S., today announced it has acquired a skilled nursing facility for $1 million.
This property was acquired in cash without any financing.
Hickory Creek at Lebanon is a 64-bed skilled nursing facility located in Lebanon, Indiana. Average occupancy at the facility is 47%. Strawberry Fields will lease the property to The Waters of Lebanon. The tenant will sign a new ten-year lease with two, five-year extensions.
Hickory Creek is a large property with a beautiful lake behind the nursing facility that is well located and visible from the highway,” commented Moishe Gubin, CEO of Strawberry Fields. “The property is in good condition with solid potential, but improvements will be implemented to boost performance.”
Strawberry Fields is known as an active investor, working closely with lessees to ensure the quality of the facilities they own. “We maintain good contact with our partners, visit the facilities we own regularly and continually monitor to ensure compliance with state laws,” added Gubin. “We look forward to working with Infinity, The Water of Lebanon Consultant, as they are solid player in the business. We are confident in their ability to make this a success story.”
Lebanon is located in Boone County, in central Indiana, approximately 29 miles northwest of downtown Indianapolis and 36 miles southeast of Lafayette.
Strawberry Fields owns 58 facilities located in Illinois, Indiana, Ohio, Texas, Michigan Tennessee, Kentucky and Oklahoma.