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.
