The team at Blueprint Healthcare Real Estate Advisors announced a couple of closings, including a skilled nursing portfolio deal in Texas and a SNF sale in Rhode Island. The Texas transaction featured four skilled nursing facilities and a combined 340 beds that were owned by a REIT. Two of the facilities were built in the late-1960s/early-1970s and two in 2000. They are spread out in suburban and rural areas with relatively low average market census.
Three of them were also enrolled in QIPP. The REIT was winding down its relationship with the in-place, in-state provider, hence the sale. Two buyers emerged, a growing Texas operator and a large, national owner/operator, which acquired the facilities separately in two transactions. Neither purchase price was disclosed. Gideon Orion and Michael Segal handled the deal for Blueprint.
Then, Mr. Segal, along with Steve Thomes and Ben Firestone, represented the REIT owner in the sale of a 154-bed skilled nursing facility in Pawtucket, Rhode Island (Providence MSA). Located less than one mile from the now-vacant Memorial Hospital, the facility was built in 1978, expanded in 1997 and renovated in the early-2000s. Performance has fluctuated in recent years, so the REIT decided to sell the facility to a New Jersey-based entrepreneur. That buyer partnered with a regional operator which will enter the Rhode Island market with this deal.
