Strawberry Fields REIT Acquires A Skilled Nursing Facility for $15 Million
SOUTH BEND, Ind.— July 11, 2019—Strawberry Fields REIT, LLC (Strawberry Fields), an owner and lessor of skilled nursing facilities, long-term acute care hospital facilities and assisted living facilities in the Midwestern and Southern U.S., announced it has acquired a skilled nursing facility located in Illinois. The purchase price was $15 million.
Landmark of Des Plaines is a 231-bed facility that is located at 9300 Ballard Road in Des Plaines, Illinois. The current tenant, Landmark of Des Plaines, will continue to operate the facility under their existing ten-year lease.
“Landmark of Des Plaines is a well-located facility in suburban Chicago and offers exceptional care and rehabilitation services,” commented Moishe Gubin, CEO of Strawberry Fields. “Landmark is a quality operator that manages several Strawberry Fields properties. We have confidence they will maintain this property well and help serve the skilled nursing needs of local residents.”
Landmark of Des Plaines is currently 59.4% occupied after a tremendous improvement in occupancy from 31% on January 1, 2018, when Landmark began operating the facility. Landmark’s team of professionals offer comprehensive healthcare services to meet the individualized needs of the resident, ranging from short term rehabilitation services to caring for clinically-complex residents. Other services offered include: physical, occupational, and speech therapy, on-site physician services, nutritional management, pharmaceutical services, IV treatments, individualized care plans and Hospice care services. The facility also provides ventilators as well as dialysis for patients in need.
“Strawberry Fields is an active investor, working closely with lessees to ensure the quality of the facilities it owns. We maintain good contact with our operators, regularly visit the facilities we own, and continually monitor to ensure compliance with state laws,” added Gubin. “This property fits in well with our current portfolio of properties in the Midwest.”
Des Plaines is a city suburb of Chicago and is located just north of O'Hare International Airport. It is situated on and is named after the Des Plaines River, which runs through the city just east of its downtown area.