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| CCA Announces Acquisition of Residential Reentry Facility in Long Beach, California |
| By nasdaq.com |
| Published: 06/14/2016 |
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NASHVILLE, Tenn., June 14, 2016 (GLOBE NEWSWIRE) -- CCA (NYSE:CXW) (the "Company" or "Corrections Corporation of America"), America's largest owner of partnership correctional, detention, and reentry facilities, announced today that it has closed on the acquisition of a residential reentry facility in Long Beach, California from a privately held owner, for approximately $7.7 million, excluding transaction related expenses. The all-cash transaction closed June 10, 2016, and CCA did not assume any debt as part of the transaction. The residential reentry facility has a capacity of 112 beds and is leased to Community Education Centers, Inc. ("CEC") under a triple net lease agreement that extends through June 2020 and includes one five-year lease extension option. CEC separately contracts with the California Department of Corrections and Rehabilitation to provide rehabilitative and reentry services to residents at the leased facility. "We are pleased to further expand our portfolio of high quality residential reentry properties with the execution of this transaction," said Damon Hininger, CCA's chief executive officer. "The acquisition of the Long Beach Community Corrections Center fits squarely in line with our return targets for an individual reentry facility, leased to a third party operator. We continue to pursue additional transactions in the reentry market that are accretive to our earnings and align with CCA's commitment to reducing recidivism and preparing individuals for their successful reentry into society." Read More. |
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