Blueprint Healthcare Real Estate Advisors announced a slew of skilled nursing transactions at the beginning of December, closing five for clients (mainly publicly traded REITs) across the country.
Ben Firestone and Mike Segal represented a publicly traded REIT owner in its disposition of a 119-bed SNF in Nashville, Tennessee for $16 million, or $134,500 per bed, which according to our database is the highest-valued SNF deal in Tennessee ever, on a per-bed basis. The recently upgraded facility was previously purchased in a portfolio, but it piqued the interest of a regional operator, which emerged as the buyer.
The same public REIT seller decided to wind down its relationship with a regional operating partner and sold the partnership’s last two assets: two Wisconsin SNFs totaling 105 beds. Mike Segal found a private equity firm to purchase the facilities, for an undisclosed price. Mr. Segal also represented a different publicly traded REIT in the sale of a 120-bed SNF in North Carolina. The purchase price came to $6 million, or $50,000 per bed.
Steve Thomes of Blueprint represented (you guessed it) a publicly traded REIT and its operating partner in its disposition of an 81-bed skilled nursing facility in Webster, Massachusetts (located about 10 miles south of Worcester on the Connecticut border).
Several factors made this facility ripe for divestment. It was built in 1967 (although substantially renovated in 2015) and was just 77% occupied, with a 74% Medicaid census. On top of that, it was operating just below breakeven on approximately $5.65 million of revenues. An undisclosed buyer paid $2.025 million, or $25,000 per bed, so there is certainly some room for improvement.
And finally, one of Blueprint’s newer recruits, Josh Salzman, went to rural Missouri to sell a 132-bed SNF for $5.5 million, or about $42,000 per bed. The facility was deemed to be non-core by the Chicago-based owner/operator, who then sold it to a not-for-profit looking to expand its mission in the region.
