SHAWNEE, Kan. – Irvine, Calif.-based Granite Investment Group announced its acquisition of Shawnee Heartland Assisted Living, a 48-unit facility located in the Kansas City, Kan., suburb of Shawnee. The sale is a $7.2 million sale-leaseback transaction completed at an all-in cap rate of about 8.4 percent and includes a long-term bond net lease that expires in 2030.
The single-story, 32,388 square foot building was built in 2000 and has been owned and operated by Shawnee Heartland Assisted Living Inc. The building includes one- and two-bedroom apartments and sits on 4 acres of land with the possibility for expansion.
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