Cornerstone Acquires Three NC Assisted Living Properties

NEWPORT, NC-Cornerstone Core Properties REIT, Inc. reports it has acquired three assisted living facilities in North Carolina for a purchase price of approximately $15.3 million in a sale-leaseback transaction with Meridian Senior Living LLC.

The Irving, CA-based REIT acquired the Carteret House in Newport, NC, a 29,570-square-foot facility with 64 beds built in 1994; the Hamlet House in Hamlet, NC, a 34,638-square-foot facility with 60 beds built in 1999; and the Shelby House in Shelby, NC, a 23,074-square-foot facility with 64 beds built in 1991.

The facilities were acquired through a sale/leaseback transaction with wholly owned subsidiaries of Meridian Senior Living, LLC of Hickory, NC. Meridian will continue to operate the facilities pursuant to 15-year triple net leases. Meridian currently operates more than 120 facilities with more than 4,400 units located throughout 12 states, including 44 facilities in North Carolina and two other facilities owned by Core REIT.

“We have enjoyed the growth with Meridian and look forward to continued growth,” says Kent Eikanas, president and COO of Cornerstone Core Properties REIT, Inc.

Charlie Trefzger, CEO of Meridian Senior Living, LLC, adds, “Cornerstone and Meridian both bring a commitment to excellence and a history of success to our relationship. The folks at Cornerstone are among the best in their industry, and we are looking forward to working with these outstanding professionals.”