Representing a REIT owner in a strategic non-core divestment, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors sold a Philly-area skilled nursing facility for an undisclosed price. The transaction was remarkably similar to another deal that Messrs. Segal and Firestone closed earlier this month. That deal featured a 180-bed SNF in the Lehigh Valley region of eastern Pennsylvania that sold for $18.75 million, or about $104,000 per bed. Just a week later, the Blueprint team sold a 181-bed skilled nursing facility also in eastern Pennsylvania (the Philadelphia suburb of Wyndmoor).
The in-place management team had assumed operations in 2015, but inconsistent leadership led to poor surveys and regulatory challenges. In addition, several departments were outsourced which helped contribute to the operational decline. Therefore, Blueprint first found a new operator in the form of an established provider in the area that assumed management just a few days after their offer was accepted. Then, Segal and Firestone sold the real estate to a third-party investor that executed a lease agreement with the new operator, wrapping up a complete transformation of the property.
Blueprint then showed its range, with Hayden Behnke and Pamela Pyms branching out to sell Select Home Care, a home healthcare provider based in Denver. The pair ultimately recommended a Colorado-based home healthcare provider with a growing presence in the state to step in as the buyer, which it did for an undisclosed price. Well done to the Blueprint Denver team on a unique closing for them.