Grace Healthcare has made a clean break from both the Arizona and California markets, selling three skilled nursing facilities for a combined $14.7 million. There were two California facilities located about 10 miles from each other in the San Francisco area, which sold for $8.24 million, or $64,600 per bed. Sold to a California-based investor and leased to an operator with a California presence, they included a 50-year old 49-bed facility that offers dementia and rehabilitate care (with a 75% occupancy rate and 34% quality mix), and a 51-bed facility that was built in 1958 and underwent renovations in 2012 (with a 90% occupancy rate and 34% quality mix). Plus, Grace sold its 100-bed facility in Phoenix to a regional group for $6.46 million, or $64,600 per bed. The facility was built in 1967, and was 82% occupied with a 16% quality mix. Evans Senior Investments handled the transactions on behalf of Grace.
A graceful exit
