Health Dimensions Group, a Minnesota-based regional owner/operator, divested two older skilled nursing facilities in its home state. One facility is located in the Minneapolis market, while the second is about 2.5 hours north of the city. Totaling 234 beds, both facilities were originally built in the 1960s but were recently refurbished by HDG. Occupancy was very strong at 90%, and the quality mix topped 40%, but expenses ran high across the facilities. Plus, performance dropped off slightly during the transaction process.
Nevertheless, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso approached four groups and received three strong written offers. Mordy Lahasky, a national SNF owner, was looking to expand his footprint in Minnesota and submitted the winning bid. Blueprint helped handle the transition of operations to two different tenants and closed the deal.
