Bon Air property tagged for $30M

Photos by Katie Demeria

The sale of the Laurels follows a report in 2014 of renovations at the property to increase its capacity. Photos by Katie Demeria

Bon Air is the new hotspot for big senior living deals.

The Laurels of Bon Air at 9101 Bon Air Crossings Drive was sold to a Maryland-based real estate investment trust for $30.2 million in a deal that closed Feb. 3.

The 55,000-square-foot property was purchased by an affiliate of Omega Healthcare Investors, a REIT that has a focus on “skilled nursing facilities” across the country, according to its website.

The former owner was the Ohio-based Laurel Health Care Co., which purchased the facility in 2011 for $7.5 million.

Neither the buyer nor the seller returned requests for comment on the deal.

laurelsofbonair2

Out-of-town REITs have found their way to the corner of Pinetta and Bon Air Crossings.

The sale follows the $56 million purchase last September of the 200,000-square-foot Crossings at Bon Air, which sits directly behind the Laurels facility. The Crossings property was sold to a California REIT.

The Laurels at Bon Air serves residents on a short-term and long-term basis, according to its website. It provides physical, occupational and speech therapy services. An expansion is currently underway at the Laurels of Bon Air to add 10,000 square feet and increase the number of beds it supports from 100 to 124.

The property was most recently assessed at nearly $8 million, according to Chesterfield County records. It sits on 4.3 acres.

As of 2015, Omega had 900 properties in 42 states and the United Kingdom, operated by 83 different operators, according to its website.

Laurel Health Care Co. operates two other properties in the Richmond area, including the Laurels of University Park and the Laurels of Willow Creek.

Investments from out-of-town REITs have helped fuel a booming market of residences targeted at the Richmond region’s aging citizens, particularly in Chesterfield County. Bickford Senior Living, HHHunt, Memory Care Centers of America and Senior Consulting LLC are all constructing their own facilities in the county.

Meanwhile, more age-restricted subdivisions are rising to cater to the independent 55-and-over crowd. Prestige Construction Group is taking its first stab at development with 136 apartments and condos, and Roger Glover of Cornerstones is doing his second age-restricted community, the Villas at Ashlake, which was just approved by Chesterfield County’s planning commission.

Photos by Katie Demeria

The sale of the Laurels follows a report in 2014 of renovations at the property to increase its capacity. Photos by Katie Demeria

Bon Air is the new hotspot for big senior living deals.

The Laurels of Bon Air at 9101 Bon Air Crossings Drive was sold to a Maryland-based real estate investment trust for $30.2 million in a deal that closed Feb. 3.

The 55,000-square-foot property was purchased by an affiliate of Omega Healthcare Investors, a REIT that has a focus on “skilled nursing facilities” across the country, according to its website.

The former owner was the Ohio-based Laurel Health Care Co., which purchased the facility in 2011 for $7.5 million.

Neither the buyer nor the seller returned requests for comment on the deal.

laurelsofbonair2

Out-of-town REITs have found their way to the corner of Pinetta and Bon Air Crossings.

The sale follows the $56 million purchase last September of the 200,000-square-foot Crossings at Bon Air, which sits directly behind the Laurels facility. The Crossings property was sold to a California REIT.

The Laurels at Bon Air serves residents on a short-term and long-term basis, according to its website. It provides physical, occupational and speech therapy services. An expansion is currently underway at the Laurels of Bon Air to add 10,000 square feet and increase the number of beds it supports from 100 to 124.

The property was most recently assessed at nearly $8 million, according to Chesterfield County records. It sits on 4.3 acres.

As of 2015, Omega had 900 properties in 42 states and the United Kingdom, operated by 83 different operators, according to its website.

Laurel Health Care Co. operates two other properties in the Richmond area, including the Laurels of University Park and the Laurels of Willow Creek.

Investments from out-of-town REITs have helped fuel a booming market of residences targeted at the Richmond region’s aging citizens, particularly in Chesterfield County. Bickford Senior Living, HHHunt, Memory Care Centers of America and Senior Consulting LLC are all constructing their own facilities in the county.

Meanwhile, more age-restricted subdivisions are rising to cater to the independent 55-and-over crowd. Prestige Construction Group is taking its first stab at development with 136 apartments and condos, and Roger Glover of Cornerstones is doing his second age-restricted community, the Villas at Ashlake, which was just approved by Chesterfield County’s planning commission.

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