Blueprint’s behavioral healthcare team was engaged by a seniors housing investor to obtain specialized zoning entitlements for a vacant seniors housing asset and to sell the asset as a potential behavioral healthcare conversion. The seller secured specialized zoning entitlements for inpatient behavioral use before Blueprint brought the Memphis, Tennessee, asset to market.
A behavioral healthcare owner/operator submitted an offer to purchase the asset, deploy capital improvements and license the building as an inpatient substance abuse facility. However, during escrow, another mental healthcare provider approached Blueprint and expressed strong interest in operating the property.
Blueprint introduced the buyer to the prospective tenant, resulting in the creation of a long-term triple-net lease, with closing following shortly thereafter. The purchase price was higher than what the asset was valued as vacant seniors housing, which should make for a happy seller. Andrew Sfreddo, Shane Harmon and Gunnar Raney handled the transaction.
