Plains Commercial Real Estate sold Monroe Manor in Jay, Oklahoma. Built in the 1960s and expanded in the early 1990s, the skilled nursing facility is licensed for 98 beds. Its Oklahoma-based operator was looking to exit the industry and retire.
The buyer ended up being an Illinois-based owner/operator that had previously operated in Oklahoma but was looking to re-enter the state. Before the CON transfer, the buyer and seller agreed to have the buyer operate the facility before the transaction closed. The sale also involved a unique HUD deed restriction which required collaboration between the parties in order to complete the transaction. Daniel Morris of Plains Commercial handled the transaction.
