Life Care Centers of America buys senior health care facility

BUYER: SNF Real Estate Investors LLC dba SNF Real Estate Investors LLC (Life Care Centers of America Inc.), Cleveland

SELLER: Health Care REIT Inc.

PROPERTY: 8104 Tuttle Ave., Sarasota

PRICE: $9.16 million

PREVIOUS PRICE: $560,000, February 1999

LAW FIRM ON DEED: Shuemaker Loop & Kendrick LLP, Toledo, Ohio

PLANS, DESCRIPTION: Life Care Centers of America purchased the 58,250-square-foot Life Care Center of Sarasota facility an 8.59-acre property for $9.16 million.

The price equated to $157 per square foot.

Life Care Centers of America has been leasing and operating the center since it was initially constructed in May 2000. According to Leigh Atherton, director of public relations for Life Care Centers of America, the Life Care Center of Sarasota has been a good property for the senior-housing operator.

The facility provides both long-term and post-acute nursing care and rehabilitation services, including stroke and orthopedic rehab, a variety of therapies and wound management. The senior health care facility also features a beauty/barber salon, gift shop, library, private dinning room and ice cream parlor.

Life Care operates more than 200 skilled nursing homes, assisted living, retirement, home care and Alzheimer's centers in 28 states. Along the Gulf Coast, it also operates Life Care centers in Estero, New Port Richey and Punta Gorda.

The purchase entity SNF Real Estate Investors LLC dba SNF Real Estate Investors LLC mortgaged the property to SunTrust Bank for $16.94 million.