Strawberry Fields REIT on Thursday announced the acquisition of the 231-bed Landmark of Des Plaines, a skilled nursing facility in the Chicago suburb of Des Plaines, Ill., for $15 million.
The current team from operator Landmark, which took over the property in January 2018, will remain in place at the facility under the terms of its existing 10-year lease.
“Landmark of Des Plaines is a well-located facility in suburban Chicago and offers exceptional care and rehabilitation services,” Moishe Gubin, CEO of Strawberry Fields, said in a statement announcing the transaction. “Landmark is a quality operator that manages several Strawberry Fields properties. We have confidence they will maintain this property well and help serve the skilled nursing needs of local residents.”
The facility has a current occupancy of 59.4%, up significantly from the roughly 31% when Landmark initially assumed control of the SNF, according to Strawberry Fields. Specialty services at the property include ventilators, dialysis, and IV treatments, as well as traditional therapy and physician coverage.
The South Bend, Ind.-based real estate investment trust (REIT) maintains a portfolio of skilled nursing properties across the Midwest and South.
Saber Expands in the South
Saber Healthcare Group took over control of three facilities previously operated by Sentara Healthcare, the provider announced earlier this month.
Portside Health & Rehab Center in Portsmouth, Va., Waterside Health & Rehab Center in Norfolk, Va., and Currituck Health & Rehab Center in Barco, N.C. changed hands as of July 1, with all former Sentara employees offered jobs with the Cleveland-based Saber.
“A big part of what makes our company strong is our people,” Mike Demagall, Saber’s vice president of population health, said in a statement. “And we’re delighted to add a recognized group of exceptional people at these facilities to our already great staff at Saber.”
Saber now operates 118 skilled nursing facilities, with locations in Virginia, North Carolina, Delaware, Florida, Indiana, Pennsylvania, and Ohio.
Kindred’s New IRF in New Jersey
Kindred Healthcare this week completed construction on a new inpatient rehabilitation facility (IRF) in Madison, N.J.
The 38-bed Atlantic Rehabilitation Institute, developed in conjunction with the Morristown, N.J.-based Atlantic Health System, will serve residents who require intensive therapy and care after brain injuries, strokes, spinal cord injuries, and other medical events.
“We are pleased to work with the premier healthcare provider in New Jersey as we address the growing need for inpatient rehabilitation services in the New Jersey and New York area,” Russ Bailey, chief operating officer of Kindred Hospital Rehabilitation Services — IRF, said in a statement. “Atlantic Health System has been a great partner and we look forward to continuing to work with them on this high-quality rehabilitation hospital that will greatly benefit the community.”
The Louisville, Ky.-based Kindred now operates 23 freestanding IRFs across 12 states, and the property joins three existing Kindred long-term acute care hospitals (LTACs) in the Garden State.
Atlantic Health System plans to develop the surrounding area into a full medical campus on 40 acres of land.
Formerly a heavyweight in the skilled nursing space, Kindred reached a $700 million deal to sell off all of its standalone SNFs back in 2017.
Companies featured in this article:
Atlantic Health System, Kindred Healthcare, Landmark, Saber Healthcare Group, Sentara Healthcare, Strawberry Fields REIT LLC
