Ziegler has announced the sale of Minnesota Masonic Homes North Ridge to Mission Health of Florida and Aviv REIT.
Minnesota Masonic Charities (MMC) acquired North Ridge, a 548-unit rental continuing care retirement community in New Hope, MN, in the late 1990s. It has more than 351 skilled nursing beds, 73 assisted living units and 124 independent living units.
Ziegler was able to identify a number of companies interested in North Ridge and secured multiple proposals, the company said. Ultimately, MMC chose Mission Health of Florida as their buyer, and the community was sold to Aviv REIT, which leased the community to Mission Health. The purchase price was $40 million. The deal was announced Feb. 3.
MMC is keeping its flagship campus.