SLIB Brokers Three-Building Sale in South Dakota; Carespring Grows in Ohio

Senior Living Investment Brokerage (SLIB) facilitated the sale of three skilled nursing and assisted living communities in Huron and Sioux Falls, S.D.

SunQuest Healthcare Center — licensed for 163 nursing beds — and SunQuest Village, offering 55 assisted living beds, are located on the same campus in the city of Huron. Southridge Healthcare Center is licensed for 159 skilled nursing beds.

The buyer was an unnamed a national group with a significant presence in South Dakota. The seller, a publicly traded real estate investment trust (REIT), sought to dispose of a non-core asset with the transaction, according to SLIB.

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“This was an excellent opportunity for the buyer to increase their portfolio in South Dakota and allow the operator to retire from the industry,” Jason Punzel, managing director at the Glen Ellyn, Ill.-based SLIB, said in a statement announcing the deal.

The SunQuest acquisition came on the heels of another deal for the new owner in South Dakota, a 16-property portfolio purchase in July.

The three communities will provide immediate efficiencies and a labor pool for the operator, which plans to use its referral sources to improve quality mix and profitability.

Punzel, Jeff Binder, and Ryan Saul handled the transaction for SLIB.

Kettering Health Transfers 100-Bed Sycamore Glen Health Center to Carespring

Kettering Health Network will soon transfer ownership of the 100-bed Sycamore Glen Health Center in Miamisburg, Ohio to Carespring Health Management, according to a report late last month in the Dayton Daily News.

Fred Manchur, CEO of the non-profit hospital network, said the deal will close by the second quarter of next year, according to an internal e-mail obtained by the Daily News.

Carespring, which operates transitional and skilled nursing facilities in Dayton, Cincinnati, and Northern Kentucky, is a longstanding Kettering partner, Manchur said in the message.

“Carespring will continue to provide care and services to Sycamore Glen Health Center’s current patients during the ownership transition,” Manchur said.

The transfer applies only to Sycamore Glen Health Center, and not the adjacent Sycamore Glen Retirement Community, which will remain a part of Kettering Health Network. After the transition, Carespring will begin construction of a new facility in Miamisburg across from the two existing properties, located on the Sycamore Medical Center campus.

“We will continue to partner with Carespring so that patients have access to vital skilled nursing and rehabilitation services. We realize that the transition may be difficult for the affected employees, many of whom have worked for the network for a number of years,” Manchur told employees in the e-mail.

Members of Sycamore Medical Center’s Human Resources team are meeting with employees to answer questions and discuss details of the transfer of ownership, according to the Daily News.

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