PITTSFIELD -- The former owner of two Dalton nursing homes has sold a third facility in Pittsfield to a growing California-based investment management company.
Sheehan Purchase LLC, a subsidiary of the Sheehan Health Group, sold Springside Rehabilitation and Skilled Care Center on Lebanon Avenue to Griffin-American Healthcare REIT II Inc. of Newport Beach, Calif., for $15.75 million, according to documents on file at the Middle Berkshire Registry of Deeds.
Griffin-American Healthcare also purchased Sugar Hill at Home and Craneville Place in Dalton from Sheehan Health Group for $19.9 million in December 2012.
Springside is one of 21 health care-related buildings across the country that Griffen-American Healthcare REIT II purchased between April and June for $141.3 million, according to Yahoo Finance. The acquisitions include 17 medical office buildings and four skilled nursing facilities in Georgia, Illinois, Indiana, Pennsylvania and Texas.
Griffin-American Healthcare REIT II specializes in the acquisition and management of health care-related real estate, including medical office buildings, skilled nursing facilities, assisted living facilities and hospitals, according to the company’s website. REIT’s portfolio currently includes 174 buildings that were acquired for $1.56 billion across 28 states.
Since Jan. 1, 2012, the company’s portfolio has grown by approximately 255 percent, based on purchase price. As of March 31, the firm’s property portfolio was 96 percent leased.
"We continue to source attractive acquisitions on behalf of Griffin-American Healthcare REIT II and its stockholders," said Danny Prosky, the COO of REIT, in a statement.
Sugar Hill at Home is an assisted and independent living facility, and Craneville Place a skilled nursing facility. Springside is a 42,000-square-foot, single-story licensed nursing home with 115 residents that provides rehabilitation and skilled care services for both short- and long-term residents.
Originally constructed in 1980, Springside underwent a comprehensive renovation in 1995, and received an additional $1.5 million in capital improvements during 2011 and 2012. Sheehan Health Group had owned Springside for a little more than two years.
Patrick Sheehan, the managing partner of Sheehan Health Group, said the sale of Springside was not related to the company’s earlier sale of the two Dalton facilities.
"It just seemed to be a logical decision at this time," Sheehan said, declining to go into specifics.
"It really wasn’t on the market," he said. "We were just approached by the buyer who had a strong interest in purchasing the facility and we agreed to do that."
Worcester-based Sheehan Health Group no longer operates a nursing facility in the Berkshires, but still owns Sugar Hill at Home, a home care service that is located in Pittsfield. The firm also owns four other rehabilitation and skilled care centers in West Brookfield, Worcester, Jamaica Plain and Brighton.
"We’ll continue to have a presence in the home care industry in Berkshire County," Sheehan said. "We’re definitely still active in the nursing home business in other parts of the state."
To reach Tony Dobrowolski:
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