Tuesday, August 11, 2015

Allentown Nursing Home Sells for $4.65M

by Steve Lubetkin, Globest.com
Liberty Nursing & Rehabilitation Center, Allentown, PA, has been sold by Liberty Allen Square to Owl's Next Properties, a 1031 Exchange triple-net investor with investments in the greater Wilmington, DE area, for $4.65 million. The investors focus on multifamily residential rental properties, smaller apartment complexes and commercial offices.

 The sale was for a four-story, 43,420-square-foot property. The buyer was referred by John Osborn of Patterson-Osborn Exchange Services, a firm with 30 plus years of experience in 1031 Exchange transactions.

"This Allentown, PA investment fit nicely with the desire of our client to move his investment dollars from his intensive, self-managed properties, to a lower impact real estate investment, backed by a well executed 20+ year lease with a high quality tenant," says Moore.

The facility, built in 1969, will remain a nursing home. It will continue to be leased by Health Care and Retirement Corp. of America, a division of Manor Care. This purpose-built facility has gone through several rounds of upgrades, including interior remodeling, HVAC replacement, and conversion of one floor into a specialized care unit focusing on respiratory and tracheotomy patients with an advanced oxygen supply system.

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