Fair Havens

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MIAMI—Cushman & Wakefield has helped arrange the sale of 10value-add senior care facilities in Miami-Dade County for acombined sales value of $88.6 million. The portfolio includes a mixof assisted living and skilled nursing facilities, which togethercomprise 1,289 beds and 370,862 square feet.

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The 10 properties were marketed as a portfolio and soldindividually, with the final transaction, the 329-bed Fair HavensCenter, closing at the end of 2019.

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Sentosa Care, a Woodmere, New York-headquartered owner/operatorof skilled nursing facilities, was the buyer for three of theskilled nursing properties: Fair Havens Center, Harmony Health Careand Nursing Center at Mercy. The other skilled nursing facility,Oceanside Extended Care, was sold to local developer Simon Nemni,who is converting the property to a South Beach hotel, according toa C&W spokesperson.

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The names of the buyers of the other properties were notdisclosed.

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"The sales became a social welfare cause as all involvedrecognized that the facilities are a critical component of MiamiDade County's healthcare network for the underserved elderly anddisabled," Executive Managing Director Robert Kaplan. "We'repleased they're now in the hands of owners/operators who willcontinue providing much needed services to the community."

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Details of each sale are below:

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Fair Havens Center, at 201 Curtis Parkway in Miami Springs, is a101,814-square-foot skilled nursing and assisted living facilitywith 557 units and 329 beds. The property sold for $26.4 million,or approximately $80,394 per bed. Year built: 1924

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Harmony Health Care, at 9820 N. Kendall Drive in Miami, is an83,526-square-foot skilled nursing facility with 96 units and 203beds. The property sold for $19.6 million, or approximately $96,307per bed. Year built: 1970

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Oceanside Extended Care, at 550 9th St. in Miami Beach, is a52,133-square-foot skilled nursing facility with 196 one-bed units.The real estate sold for $17.6 million, or approximately $89,923per bed, and the license sold in a separate transaction $5.9million. Year built: 1966

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Nursing Center at Mercy, at 3671 N. Miami Ave. in Miami, is a43,357-square-foot skilled nursing facility with 64 units and 120beds. The real estate sold for $3 million, or approximately $25,000per bed, and a separate transaction was executed to terminate aground lease on the property for $5.8 million. Year built: 1994

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Eden Gardens, at 12221 W. Dixie Highway in North Miami, is a30,836-square-foot assisted living facility with 65 units and 118beds. The property sold for $2.2 million, or approximately $18,432per bed. Year built: 1925

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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 and86 units. The property sold for $2.2 million, or approximately$30,232 per bed. Year built: 1960

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Flamingo Park, at 3051 4th Ave. in Hialeah, is a12,894-square-foot assisted living facility with 21 units and 72beds. The property sold for $1.9 million, or approximately $26,738per bed. Year built: 1965

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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 and67 beds. The property sold for $1.5 million, or approximately$21,641 per bed. Year built: 1954

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Jene's Retirement, at 1595 NE 145th St. in Miami, is a10,683-square-foot assisted living facility with 12 units and 50beds. The property sold for $882,000, or approximately $17,640 perbed. Year built: 1964

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La Hacienda Gardens, at 75 E. 7th St. in Hialeah, is an8,256-square-foot assisted living facility with 34 units and 48beds. The property sold for $1.3 million, or approximately $26,738per bed. Year built: 1954

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