MedEquities Signs NNN Lease Deal for Texas Ten Portfolio
MedEquities Realty Trust Inc. signed a new, 15-year triple-net operating lease with Creative Solutions in Healthcare for its Texas Ten Portfolio, a collection of 10 skilled nursing facilities across the Lone Star State. Creative Solutions, headquartered in Fort Worth, will begin operating the facilities on or about Jan. 1, 2019. Initial annual base rent will be $7,700,000, with annual lease escalators of 2%, and two, five-year tenant renewal options.
The Nashville-headquartered MedEquities acquired the portfolio for $145 million from GruenePointe Holdings LLC in 2015. The assets are in Brownwood, El Paso, Graham, Kaufman, Kemp, Kerens, Longview, Mount Pleasant and San Antonio.
“We worked closely with a number of interested operators, and narrowed our focus to Creative based on their scale and experience in Texas, strong operating history, solid financial and operating metrics and a reputation for quality,” said MedEquities John McRoberts.
Pictured: Songbird Lodge Nursing and Rehabilitation Center, Brownwood, TX
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