San Diego Business Journal

REIT Buys Local Care Facility for $67.5 Million

Monday, February 13, 2012

An Ohio-based real estate investment trust has purchased the Belmont Village assisted living facility in Sabre Springs for approximately $67.5 million.

Health Care REIT Inc., with headquarters in Toledo, acquired the facility at 13075 Evening Creek Drive S. from Belmont Village Sabre Springs LP of Scottsdale, Ariz. The transaction closed Feb. 3, according to data reported Feb. 9 by CoStar Group.

The 176,379-square-foot building is the second local assisted living center purchased recently by Health Care REIT. In November, it bought the Belmont Village Senior Living facility in Cardiff-by-the-Sea for approximately $69.2 million, CoStar reported.

Health Care REIT has a real estate portfolio of more than $13 billion, including senior living communities, medical office buildings, inpatient and outpatient medical centers, and life sciences facilities, according to its website. The company trades under the symbol HCN on the New York Stock Exchange.

— Lou Hirsh