The Geo Group (NYSE: GEO) has closed on a deal for the Joe Corley Detention Center in Texas for $65 million.
The center has nearly 1,300 beds and was bought from Montgomery County, Texas. It houses detainees for U.S. Immigration and Customers Enforcement and the U.S. Marshals Service. Geo has been managing the detention center since 2008.
The buyer, headquartered in Boca Raton, Fla., is a real estate investment trust that specializes in the design, financing, development and operations of correctional, detention and re-entry facilities. The company has operations in the U.S., Australia, South Africa and the U.K.
Geo financed the deal with cash and borrowings under its senior revolving credit facility.
For more on real estate, see "6 Signs of Recovery: Real Estate."