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CareTrust REIT buys nursing portfolio for $42M

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CareTrust REIT buys nursing portfolio for $42M

Healthcare real estate investment trust CareTrust REIT Inc. acquired a 464-bed, five-property skilled nursing portfolio in the Grand Rapids, Mich. area in a roughly $41.5 million sale-leaseback deal.

The deal was signed with the portfolio's owner-operator, Metron Integrated Health Systems.

The lease term is 15 years, with two five-year renewal options. The portfolio will deliver around $3.7 million in initial annual cash rent, with annual rent escalators, according to a release.

CareTrust funded the acquisition using cash on hand and its $400 million unsecured revolving credit facility.