A public REIT divested another two properties as part of a larger portfolio sale being run by Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors. Last week, the REIT sold two skilled nursing facilities in Georgia, and the latest two properties were located in Maryland along the Chesapeake Bay.
Totaling 285 licensed beds, one facility is located on the Eastern Shore in Cambridge, and the other is in Lexington Park near the Virginia border. They have three and four stars, respectively, and boast limited local competition and attractive Medicaid rates. Cash flow was also positive, albeit lower than pre-pandemic levels. An East Coast-based acquirer and operator partnership emerged from several other competitive offers to buy the facilities for an undisclosed price.
