[caption id="attachment_235306" align="aligncenter" width="1200"] The Atlantic Shores Rehabilitation and Health Center in Millsboro was the largest health care asset sold last year, coming in the final days of December. | DBT PHOTO BY JACOB OWENS[/caption]
MILLSBORO – The Atlantic Shores Rehabilitation and Healthcare Center was recently acquired by a major investor in nursing facilities across the country.New York-based investment firm TL Management bought the Atlantic Shores facility located at the intersection of U.S. Route 113 and Washington Street on Dec. 19 for $28.5 million, marking the largest health care-related real estate sale in the state last year.TL is a private firm that owns over 100 skilled nursing facilities, located mostly in New York, Pennsylvania, Florida, and Texas.The seller was California-based investment firm Summit Healthcare Real Estate Investment Trust, which acquired the 181-bed facility in 2016 along with Pinnacle Rehabilitation & Health Center in Smyrna. Atlantic Shores reportedly was undergoing renovations earlier this year to modernize the facility.Neither Summit nor TL Management responded to requests for comment on the sale.Aside from offering skilled nursing care, Atlantic Shores also provides physical, occupational, speech, and respiratory therapies.Since the pandemic and as the nation’s growing population ages, nursing centers have increasingly been seen as an investment asset. The national occupancy level of skilled nursing centers reached 82.3 at the end of the third quarter, with a net increase of 12,000 patients, according to a 2023 report by Marcus & Millichap, a brokerage that focuses on the sector. That’s led to a 3.4% annual rise in the nation’s average rent cost for a nursing center room, the fastest gain since 2010.
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