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CareRite pays $36M for pair of Broward nursing, rehab centers
Facilities have a combined 322 beds in Wilton Manors, Fort Lauderdale
CareRite Centers paid $35.6 million for two Broward County nursing and rehabilitation facilities, marking the firm’s continued investment in South Florida’s health care market.
The firm bought Manor Pines at 1701 Northeast 26th Street in Wilton Manors, and Manor Oaks at 2121 East Commercial Boulevard in Fort Lauderdale, according to records and real estate data provider Vizzda.
In the bigger deal, CareRite bought the Wilton Manors facility from Fort Lauderdale-based Marrinson Senior Care Residences for $31.5 million. CareRite rebranded this property The Pearl at Fort Lauderdale Rehabilitation & Nursing Center.
CareRite bought the Fort Lauderdale center for $4.1 million from Truist Bank, which served as trustee of the Raymond M. Hansen Marital Trust and the Raymond M. Hansen Res. Trust. Marrinson, a family owned senior care organization, also managed this facility. After the deal closed, the property was rebranded The Savoy at Fort Lauderdale Rehabilitation & Nursing Center.
The Pearl was built in 1967 on 5.2 acres, and The Savoy was built in 1970 on almost an acre, property records show. The Pearl has 206 beds, and The Savoy has 116 beds, according to senior care database carelistings.com.
Clinical specialties at both facilities include subacute care, skilled nursing, cardiac rehabilitation and wound care. In addition, CareRite will add its Comprehensive Amputee Rehabilitation Program, led by Paralympic gold medalists Todd Schaffhauser and Dennis Oehler, and personal concierge services to both The Pearl and The Savoy, according to a CareRite news release.
The Englewood Cliffs, N.J.-based firm also has centers in New York, New Jersey and Tennessee, according to its website. Mark Friedman is principal and co-founder, and Neal Einhorn is partner.
In 2021, CareRite bought Coral Reef Subacute Care Center, also a nursing home and rehabilitation facility, at 9869 Southwest 152nd Street in unincorporated Miami-Dade County for $35 million. Also that year, CareRite purchased half the ownership stakes in Claridge House at 13900 Northeast Third Court near North Miami and Regents Park at Aventura at 18905 Northeast 25th Avenue. The properties traded for a combined $33.4 million. Entities managed by Bent Philipson of New York bought the other half-stake in the facilities.