A public REIT decided to divest the only Florida location in its operating partner’s portfolio. Built in 2008, so relatively new for a skilled nursing facility, St. James Health and Rehabilitation Center features 90 beds comprising nearly all semi-private rooms. It is the only facility in Carrabelle, Florida (on the Panhandle), with the next nearest competitor located more than 30 miles away from it. The facility also received referrals from the Tallahassee market.
However, the operator wished to focus on its core geographic concentration in the Midwest and Mid-Atlantic regions. So, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors confidentially targeted regional operators and mostly private investors to find a buyer. An East Coast-based investor and its Southeast regional operating partner looking to expand into Florida bought the facility for an undisclosed price.
