Three Chen Senior Medical Centers in Broward County were acquired by a private equity fund in a sale-leaseback transaction worth $12.18 million.

The deal was made by Tenet Equity, based in Scottsdale, Arizona, which purchased the properties from ChenMed, a Miami Gardens-based healthcare company operating 100 medical centers across the United States.

The transactions were recorded on October 3.

The largest property involved in the deal is a two-story, 14,274-square-foot ChenMed facility located at 410 E. Hallandale Beach Blvd., originally built in 1958.

Next, a one-story, 11,329-square-foot medical office at 2589 N. State Road 7 in Lauderhill sold for $3.63 million. This property, built in 1985, includes a 1.52-acre parcel of land.

The third property is a 6,561-square-foot Chen Senior Medical Center at 8529 Pines Boulevard in Pembroke Pines, constructed in 1989, which sold for $2.1 million.

To finance the acquisitions, Tenet Equity secured a $450 million cross-collateralized loan from Citibank, as reported by Vizzda.

As part of the agreement, ChenMed will lease all three buildings for 20 years, with the leases set to expire in September 2044. Additionally, the leases include two options to extend for seven years each.

Source:  SFBJ