Source: Cornerstone Core Properties REIT / #Senior #Housing
IRVINE, CA - Cornerstone Core Properties REIT, Inc. announced that it funded on December 21, 2012, an investment in a joint venture that acquired a 78-bed skilled nursing facility in Tigard, Oregon in an $8.2 million transaction.
The facility has been leased to the current operator, Dakavia Management, pursuant to a 15-year triple net lease. Dakavia Management has over twenty years of experience operating skilled nursing facilities in the Pacific Northwest and currently operates two additional facilities acquired by Core REIT in August 2012.
“It has been a real pleasure to work with Dakavia and we are glad to be adding another lease to the Dakavia Portfolio,” said Kent Eikanas, President and Chief Operating Officer of Cornerstone Core Properties REIT, Inc.
Through the joint venture entity, Cornerstone Healthcare Partners, LLC, Core REIT acquired a 95% interest in the facility while joint venture partner Cornerstone Healthcare Real Estate Fund, Inc. acquired the remaining 5% interest. Debt financing was provided by GE Capital, Healthcare Financial Services.
Core REIT is a publicly registered non-traded REIT that invests in investment-grade real estate located throughout the United States. Since its commencement in 2006, Core REIT has acquired eighteen properties for a total purchase price of $175.9 million. Since 2011, four of those properties have been disposed. The current portfolio includes nine multi-tenant industrial properties and five long-term triple net leased healthcare facilities.