FRANKENMUTH, MICH.—Sabra Health Care REIT Inc., based in Irvine, Calif., has acquired a 249-unit independent living facility located in Frankenmuth, Mich. for $26.5 million.
Concurrently with the purchase, Sabra entered into a triple-net lease agreement with affiliates of Unified Acquisitions & Development L.L.C. The lease has an initial term of 10 years with two five-year renewal options.
"This facility is an independent living facility in name only,” said Rick Matros, CEO and chairman of Sabra. “In Michigan, there are restrictions for assisted living licensure that limit the number of beds. The larger facilities are designated as independent living but provide supportive services through home health and other health care providers. We have been working on doing a transaction with the UPG management team for some time and are pleased to have consummated this transaction. We look forward to building our relationship with this superb management team."
