Connor Doherty of Blueprint Healthcare Real Estate Advisors took his talents to Ohio to close two skilled nursing transactions in the state. First, partnering with Blueprint’s Ryan Kelly, Mr. Doherty represented a California-based private equity group to sell its 99-bed SNF in Newark, near Columbus. Built in 1972 but with consistent updates through the years, plus a new rehab wing added in 2015, the facility was triple-net leased to a local operator. However, when the lease term was up, the operator decided to exit, prompting the owner’s divestment too after about a decade of ownership. The facility was cash-flowing but was 75% occupied with a more-than 30% quality mix. That offers some upside to the new owner, a New Jersey-based owner/operator with an already strong presence in Ohio, which plans to increase acuity at the facility. The purchase price was $6.7 million, or about $67,000 per bed.
Then, Mr. Doherty headed to Franklin County, Ohio (also in the Columbus area), where he and Trent Gherardini (who focuses mainly on Florida and other Southeastern transactions) closed the sale of a 150-bed skilled nursing facility that was the last Ohio asset of a private Florida-based ownership group with a national presence. The facility recently graduated from the Special Focus Facility list and had significantly turned around its operations to bring in strong cash flow. Occupancy was also reportedly high. A New York-based private investor and regional operator emerged as the buyer for an undisclosed price, but considering the strong operations, we imagine it sold for an impressive sum.
