PAWTUCKET – A 45,000-square-foot commercial property that is home to a nursing home recently sold for $15.27 million, according to public records.
The two-story building at 544 Pleasant St., constructed in 1940, is occupied by nursing home business AdviniaCare Pawtucket. Until recently, the nursing home business operating there was called Oak Hill Center.
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AdviniaCare, a senior living company based in Stoughton, Mass., that’s also known as Pointe Group Care LLC, earlier this year announced its plans to purchase Oak Hill Center, a 129-bed skilled nursing facility, from another for-profit company called Centers Health Care.
The R.I. Department of Health in late January approved a $1.49 million transaction that included the acquisition of the nursing home business operations.
Now, the $15.27 million sale of the nursing home property is finalized.
According to the special warranty deed, the property was sold by Oak Hill Realty Associates, a limited liability company based in the Bronx, N.Y. According to corporate filings with the R.I. Department of State, Oak Hill Realty Associates is affiliated with Yehuda Alpert, associate general counsel for Centers Health Care, along with other officers from the company.
Oak Hill Realty Associates owned the property since 2017, when it purchased the facility for $6.35 million, according to public records.
The property was purchased by Pawtucket RI Property Holdings LLC, a Delaware limited liability company. According to corporate filings with the R.I. Department of State, Pawtucket RI Property Holdings is affiliated with Menachem Shabat, co-founder and managing director of Cascade Capital Group, a private health care real estate investment company based in Skokie, Ill.
According to the city’s online property tax evaluation database, the nursing home facility and the 1.2 acres of land it stands on were valued to be worth $5.79 million. The land alone was valued at $1.29 million, according to the database, which also notes that the site includes 10,000 square feet of paved asphalt for parking.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @Marc_La_Rock.
