10 Senior Care Facilities Trade for $89M in Miami-Dade
“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.”
MIAMI—Cushman & Wakefield has helped arrange the sale of 10 value-add senior care facilities in Miami-Dade County for a combined sales value of $88.6 million. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet.
The 10 properties were marketed as a portfolio and sold individually, with the final transaction, the 329-bed Fair Havens Center, closing at the end of 2019.
Sentosa Care, a Woodmere, New York-headquartered owner/operator of skilled nursing facilities, was the buyer for three of the skilled nursing properties: Fair Havens Center, Harmony Health Care and 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 to a C&W spokesperson.
The names of the buyers of the other properties were not disclosed.
“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,” Executive Managing Director Robert Kaplan. “We’re pleased they’re now in the hands of owners/operators who will continue providing much needed services to the community.”
Details of each sale are below:
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. Year built: 1924
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. Year built: 1970
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. Year built: 1966
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. Year built: 1994
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. Year built: 1925
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. Year built: 1960
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. Year built: 1965
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. Year built: 1954
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. Year built: 1964
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. Year built: 1954