Mainstreet sells two senior care facilities for $44 million

Mainstreet, a Carmel-based developer of senior care facilities, has sold two properties in Nebraska and Texas with a total of 142 beds for $44 million.

The company, which laid off 12 workers in November in a corporate restructuring, said it sold the facilities to Invesque, a real estate investment company. The two companies are closely related and share the same address, 14390 Clay Terrace Boulevard.

Invesque said in separate announcements that it bought the Nebraska property for $21.6 million and the Texas property for $22.8 million.

Invesque, formerly known as Mainstreet Health Investments, was created by Mainstreet through a $302 million reverse takeover of Kingsway Arms Retirement Residences Inc. in 2016. Today, Mainstreet owns about 5 percent of Invesque.

Mainstreet said the sale is part of a larger, four-property portfolio deal valued at more than $95 million. It said the sale of the other two properties, which it did not identify, would close within two months.

CEO Zeke Turner said in a written statement that his company sells properties “from time to time” to develop new properties and reinvest in the business. He did not specify what the company plans to do with the proceeds of the latest sale.

The properties involved in the sale are a 72-bed transitional-care facility in Lincoln, Nebraska, that will be operated by Hillcrest Health Services of Nebraska; and a 70-bed rehabilitation facility in Round Rock, Texas, that will be operated by Mainstreet.

Since 2010, Mainstreet has developed 54 properties, and now operates 15 of these properties across Texas, Arizona and Colorado.

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.