CareTrust nabs IL SNFs
CareTrust REIT Inc. has purchased five Illinois skilled nursing facilities for $29.2 million, the company announced in March.
Affiliates of Illinois-based WLC Management Firm LLC will handle operations of the facilities, which include a total 455 beds. The outgoing owner is a long-term care industry veteran retiring after 43 years in the business, a spokesperson for CareTrust said.
The portfolio's master lease has an initial term of 15 years and is expected to generate initial annual rent of $2.9 million, officials said.