HRA Announces $19 Million Transaction with HCP, INC.
HRA, a Premier Senior Living Management and Development company, located in Vero Beach, Florida, announces a sale and leaseback agreement with healthcare REIT HCP, Inc.
Vero Beach (PRWEB) January 20, 2011
On December 30, 2010, HRA announced the sale and leaseback of HarborChase of Vero Beach (HCVB) to Long Beach, California based HCP, Inc., the nation’s largest healthcare REIT. HCVB is an 85-unit Assisted Living/Memory Care community located at 4150 Indian River Boulevard, Vero Beach, Florida.
HRA principals, Tim Smick and Dan Simmons said the transaction allowed their company and several local investors to monetize an investment they made in 2006 when they developed the community and opened for residents in mid-2007.
According to Dan Simmons, “This transaction accomplishes several things. First, this long term lease with HCP allows us to continue to provide outstanding care to our residents and meaningful jobs for our employees at HCVB for decades to come. Second, it completes the next step in creating a Senior Living campus with all levels of care from Independent Living through Memory Care. Third, it creates a capital event for us and the local investors who initially invested in the project. We appreciate the trust our local investors placed in us and we are happy to return their investment with a meaningful profit.” The transaction further strengthens and expands HRA’s relationship with HCP; 11 of the 17 senior living communities operated by HRA are owned by HCP.
For more information contact:
Dan Simmons, Principal
About HRA: HRA is a Senior Living Management and Development company located in Vero Beach, Florida. The company currently manages 17 communities located in 4 states and employs 1,300 associates.