SOUTH BEND, IN - 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 rehabilitation and nursing facility for $6.5 million in a cash deal.
This property was acquired from the non-profit group Christian Care Centers and is leased to the Landmark Group.
Landmark Rehabilitation and Nursing Center of River City is a 92-bed nursing facility that is located at 1015 Magazine Street in Louisville, Kentucky. The property was built in 1962 and renovated in 2012-2014.
“Landmark of River City is an outstanding location and provides residents of Louisville exceptional subacute care and rehabilitation services,” commented Moishe Gubin, CEO of Strawberry Fields. “The former owner implemented extensive renovations on this property converting it to an attractive and state-of-the-art facility for care delivery.”
Landmark of River City is 81% occupied. Services provided on-site include physical, occupational and speech rehabilitation, skilled nursing, rehab-to-home program, wound care and respite care hospice. The property is surrounded by sprawling lawns, updated landscaping and a spacious patio for outdoor activities and enjoying fresh air.
“Landmark is a quality operator that manages several Strawberry Fields properties,” added Gubin. “We have confidence in their ability to maintain performance at River City.”
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. We are pleased to expand our relationship with Landmark through this new acquisition.”
Louisville is the largest city in the Commonwealth of Kentucky and the 30th-most populous city in the United States. Strawberry Fields owns 60 facilities located in Illinois, Indiana, Ohio, Texas, Michigan Tennessee, Kentucky and Oklahoma.