CA community sells for $6M

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CareTrust REIT Inc. has acquired a California skilled nursing facility for $6.9 million, the company announced in early August.

The Oaks, which includes 59 skilled nursing beds, is located in Petaluma, CA, 40 miles north of San Francisco. 

CareTrust leased the operations of the facility to West Harbor Healthcare beginning Aug. 1. The lease carries an initial term of fifteen years, with two five-year renewal options.

The facility is expected is generate $700,000 in annual rental revenue, CareTrust officials said.