The team of Tony Cassie and Dan Mahoney from Marcus & Millichap recently closed two skilled nursing transactions out West. First up, and the smaller of the two, a regional operator purchased an 88-bed facility in Ogden, Utah, for $7.5 million, or $85,227 per bed, with a 10.7% cap rate. Messrs. Cassie and Mahoney, along with McSean Thompson, represented both the buyer and seller, a Salt Lake City-based operator. That same group handled the sale of a 165-bed skilled nursing facility in Seattle, Washington. An East Coast-based operator bought it from a national not-for-profit organization for $10.15 million, or $61,515 per bed, with a 12.2% cap rate. Both built in the early 1960s, the facilities could improve their occupancy (which combined for just under 75%), but the operating margin was solid around 12%.
Double whammy from Cassie and Mahoney
