Triple-Net-Leased Nursing Facility in Fort Myers Sells for $47M in 1031 Exchange

Stan Johnson Company has completed the $46.7-million sale of a four-star skilled nursing facility located at 13960 Plantation Road in Fort Myers, FL. The 57,650-square-foot building is fully leased to Lee Memorial Health, a Southwest FL community-owned health system.

The property was under a long-term triple net lease at the time of sale, with strong annual increases and is guaranteed by Lee Memorial Health Systems.

Stan Johnson Company’s Jason Maier represented the 1031 exchange buyer, a private investor based in NY. The seller was a Florida-based developer.

“Fort Myers has been a strong growing market in Florida and has undergone a very rapid expansion in recent years,” said Maier. “We believe the acquisition of this state-of-the-art facility will provide our client with both long-term stable income and huge upside appreciation through rental rate growth and land value appreciation.”

The facility was built in 2018. It is located in the Gulf Coast Medical Park and is situated on the Lee Memorial Hospital Main Campus.