Blueprint Healthcare Real Estate Advisors handled the sale of a 120-bed skilled nursing facility in Erie, Pennsylvania. Connor Doherty, Michael Segal and Ryan Kelly handled the deal on behalf of the seller. Located in a competitive submarket, the facility was originally built in 1950 and underwent a major expansion in 1982. It had been steadily improving its operations and census prior to the pandemic, reaching about 85% occupancy. However, like at many facilities across the country, census dropped to around 60% by the time of closing.
Its regional owner/operator owner deemed the facility to be non-core to its long-term growth plans and hired Blueprint to handle the marketing and sale process. After a competitive bidding period with six qualified prospects presenting formal offers, the seller ultimately chose an East Coast-based equity investor which partnered with a regional operator.
