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Eight CT nursing home properties sold in $60 million deal to Manchester-based operator

Hour - 5/23/2024

May 21—A Manchester-based nursing home operator that runs eight facilities along the Interstate 91 corridor has paid a California-based real estate investment trust $60 million to purchase the properties where those healthcare centers are located.

A statement issued by the Manchester-base iCare Health Network confirmed the value of the deal with Summit REIT.

The properties that are part of the transaction include one each in Bloomfield and Meriden at 140 Park Ave., and 33 Roy St., respectively. Also included in the deal were two nursing homes each in East Windsor, Manchester and Hartford. They are located at 171 Main St., and 96 Prospect Hill Road in East Windsor; 151 Hillside Ave. and 25 Lorraine St. in Hartford; and 333 and 345 Bidwell St. in Manchester.

"Having purchased our original group of care centers out of receivership in 1999, 2024 marks iCare Health Network's 25th anniversary in operation," the statement from iCare reads, in part. "This transaction will allow iCare Health Network to continue to provide quality care and enrich the lives of the residents we serve in a seamless way. Our model was and has been distressed asset turnarounds that bring quality care and value to our residents and the community."

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Officials with Summit were not immediately available on Tuesday for comment on the deal.


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