Cushman & Wakefield helped arrange the sale of 10 senior care facilities in Miami-Dade County for a combined value of $88.6 million. The portfolio includes a mix of skilled nursing and assisted living facilities with nearly 1,300 beds in more than 370,000 square feet.
The 10 properties were marketed as a portfolio and sold individually. The final transaction, the 329-bed Fair Havens Center, closed late last year for $26.4 million.
Executive Managing Director Robert Kaplan and Senior Financial Analyst Mark Rutherford, with Cushman & Wakefield’s Equity, Debt & Structured Finance Team, represented the seller, A.D.M.E. Investment Partners Ltd., in each of the transactions.
“The sale of these 10 older senior care and assisted living facilities required significant collaboration by the highly skilled analytical and production teams of Cushman & Wakefield and Senior Capital Advisors, as well as from the buyers and seller,” said Kaplan. “The sales became a social welfare cause as all involved recognized that the facilities are a critical component of Miami Dade County’s healthcare network for the underserved elderly and disabled.”
Here is a snapshot of the 10 facilities:
Fair Havens Center, at 201 Curtis Parkway in Miami Springs, is a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed.
Harmony Health Care, at 9820 N. Kendall Drive in Miami, is an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed.
Oceanside Extended Care, at 550 9th St. in Miami Beach, is a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction $5.9 million.
Nursing Center at Mercy, at 3671 N. Miami Ave. in Miami, is a 43,357-square-foot skilled nursing facility with 64 units and 120 beds. The real estate sold for $3 million, or approximately $25,000 per bed, and a separate transaction was executed to terminate a ground lease on the property for $5.8 million.
Eden Gardens, at 12221 W. Dixie Highway in North Miami, is a 30,836-square-foot assisted living facility with 65 units and 118 beds. The property sold for $2.2 million, or approximately $18,432 per bed.
Courtyard Manor, at 130, 140, 150 and 160 W. 28 St. in Hialeah, is a 16,245-square-foot assisted living facility with 34 units and 86 units. The property sold for $2.2 million, or approximately $30,232 per bed.
Flamingo Park, at 3051 4th Ave. in Hialeah, is a 12,894-square-foot assisted living facility with 21 units and 72 beds. The property sold for $1.9 million, or approximately $26,738 per bed.
South Hialeah Manor, at 240, 250 and 260 E. 5th St. in Hialeah, is an 11,118-square-foot assisted living facility with 31 units and 67 beds. The property sold for $1.5 million, or approximately $21,641 per bed.
Jene’s Retirement, at 1595 NE 145th St. in Miami, is a 10,683-square-foot assisted living facility with 12 units and 50 beds. The property sold for $882,000, or approximately $17,640 per bed.La Hacienda Gardens, at 75 E. 7th St. in Hialeah, is an 8,256-square-foot assisted living facility with 34 units and 48 beds. The property sold for $1.3 million, or approximately $26,738 per bed.
