After selling two other vacant Mainstreet-built transitional care facilities in Amarillo and Temple, Texas, earlier this year, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso sold the third and final property of the group. Located in Beaumont, the partially-built facility has 70 units but was never completed before being foreclosed upon.
Like the other Mainstreet facilities. Ms. Sitzman and Mr. Riso positioned the asset as a state-of-the-art building that could be acquired at an attractive basis. A Texas-based real estate investor emerged from a competitive bidding process, paying $8.7 million, or $124,000 per unit. They will lease the facility to an East Coast-based skilled nursing operator and open the facility as a traditional long-term care facility.
In addition, the Blueprint team of Michael Segal, Connor Doherty and Ryan Kelly was engaged by a joint venture ownership group to find a new operating tenant for its portfolio of 19 skilled nursing facilities and nine assisted living communities in Indiana. There was pressure to find a new tenant quickly after the current operator gave notice that they did not intend to extend or renew their lease agreement. Blueprint solicited multiple competitive proposals from regional providers, and a Midwest-focused operator was ultimately chosen. The group entered a long-term master lease agreement with the landlord.
