WINSTON-SALEM, NC-California-based Cornerstone Core Properties REIT has paid $9.7 million to acquire the Danby House assisted living and memory care facility here.
The joint venture purchaser involves Cornerstone Healthcare Partners, LLC, which acquired a 95% interest in the property, and partner Cornerstone Healthcare Real Estate Fund, Inc., which purchased the remaining 5% interest.
The company reports that the Danby House has been leased to the current operator pursuant to a 10-year triple net lease. The unnamed operator has operated the facility since March 2011 and currently operates more than 91 facilities in 12 states.
“We are very pleased with the start of our relationship with this large, top-notch assisted living provider,” said Kent Eikanas, president and COO of Cornerstone Core Properties REIT, Inc.
Since its commencement in 2006, Cornerstone Core Properties REIT has acquired 19 properties for a total purchase price of $185.6 million. Since 2011, five of those properties have been sold. The current portfolio includes eight multi-tenant industrial properties and six long-term triple net-leased healthcare facilities.
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