Healthcare Real Estate

New York City-based Fundamental Advisors has reportedly sold its 75% stake in the 53-story property at 55 E. Pearson St. to LCS of Des Moines, IA and Senior Care Development of Harrison, NY.

The rebranding to Diversified Healthcare Trust marks a milestone in the company's transformation, which includes the anticipated conversion of SNH's existing triple-net leases with Five Star Senior Living Inc. into management agreements that was expected to occur on Jan. 1.

San Diego has some of the highest medical office rents in the country, and it has been a shock to providers.

The REIT also recently acquired a 169-unit active adult rental property in Plano, Texas for $50.3 million.

The 96,000-square-foot building is mostly occupied by Thomas Jefferson University Hospitals Inc. (Jefferson Health) under a long-term lease.

"Seniors used to move into senior housing in their 70's and now they aren't moving until into their 80's. So developers need to be astute to that."

San Diego is one of the top life science hubs in the country, and the market dynamics position the market for long-term growth.

The 30 acute care hospital facilities are leased under long-term net leases to affiliates of BMI Healthcare.