CareRite Centers buys south Miami-Dade nursing facility for $35M

Center renamed Coral Reef Subacute Care Center

Coral Reef Subacute Care Center (Google Maps)
Coral Reef Subacute Care Center (Google Maps)

CareRite Centers bought a nursing home and rehabilitation facility in south Miami-Dade County for $35 million.

Englewood Cliffs, New Jersey-based CareRite, through an affiliate, bought the property at 9869 Southwest 152nd Street, records show. The buyer borrowed $30.1 million from VNB New York.

Seller Del Sol Realty Holding is managed by Michael Silberberg.

The facility has 79 beds in 180 units and sits on 5.9 acres, property records show.

CareRite renamed the facility Coral Reef Subacute Care Center, according to its website. The center previously was called Coral Reef Nursing & Rehabilitation Center.

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Mark Friedman is principal and co-founder of CareRite. The group has facilities in New York, New Jersey, Tennessee and four in South Florida, including Coral Reef Subacute Center, according to its website. The other three in the region are The Encore at Boca Raton Rehabilitation and Nursing Center, Palmetto Subacute Care Center and Jupiter Rehabilitation and Healthcare Center.

Coral Reef Subacute Center is just west of Jackson South Medical Center and northwest of the development site for an independent living, assisted living and memory care facility. Royal Senior Care is developing the three-building, 200-unit facility on three lots, with the help of a $41.9 million construction loan.

Assisted living as well as memory, nursing and rehabilitation centers in Florida have experienced investment sales activity in recent months, especially in light of the Sunshine State being a popular retirement destination.

Boca Raton-based PrivCap Companies sold Midtown Manor assisted living facility in Hollywood for $9.7 million in March. In June, Lone Star Funds bought two senior living complexes in Palm Beach County for a combined $57 million, as part of a 10-property portfolio deal in Florida, Georgia and Texas.

In December, New York-based real estate investment firm Eagle Arc bought the 99-bed Boynton Health Care Center near Boynton Beach and the 120-bed Royal Palm Beach Health and Rehabilitation Center in Royal Palm Beach, for a combined $36.4 million.