Strawberry Fields REIT LLC has purchased two skilled nursing facilities located in southern Illinois for $5.9 million.
Integrity Healthcare of Alton in Alton, IL, and Integrity Healthcare of Belleville in Belleville, IL, have a total of 361 beds. Alton is 15 miles north of St. Louis, while Belleville is 15 miles east of the city.
The REIT provided $4.3 million in cash and received a $1.6 million seller note to both retire the mortgage debt on the buildings and pay the balance of the purchase price.
“Strawberry Fields has been leasing and subletting these two properties since 2011,” commented Moishe Gubin, CEO of Strawberry Fields. “Buying the buildings enables us to realize significant cost savings on rent.”