A public REIT strategically divested a senior care campus in Ohio with the help of Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Set on a hill above the Village of Mariemont in Cincinnati, a National Historic Landmark, St. Theresa Care Center was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents, however the independent living and assisted living floors were most recently underutilized. It is licensed for 92 assisted living and 99 skilled nursing beds. Following an operator transition, the REIT owner decided to sell the asset.
Positioned as a value-add opportunity for an incoming buyer to capitalize on Ohio’s recent and substantial Medicaid reimbursement rate enhancements, Blueprint identified the buyer, an owner/operator with a growing presence in the metro area seeking platform expansion. The facility has since been renamed The Mariemont Care Center
