Welltower, a health care real estate investment trust based in Toledo, Ohio, paid at least $49.1 million for Glades West Rehab & Nursing Center in Miramar, Broward County, according to property records. The 86,009-square-foot facility contains 120 beds and sits on 3.7 acres at 15955 Bass Creek Road, near Interstate 75. The property, completed in 2015, sold for just over $409,000 per bed. The actual sale price likely exceeds the recorded amount to account for furniture and business operations.
David Katz of Brooklyn-based TL Management represented the seller. This marked the first sale of the property.
Welltower has been active in South Florida real estate. Since last year, the firm spent just under $170 million acquiring a 141-unit complex in Aventura, a 22-acre site in Lake Worth, and a 220-bed facility in Davie. In February, Welltower sold a five-property portfolio in Palm Beach County for $81 million. The company operates more than 2,500 facilities across the U.S., United Kingdom, and Canada.