An 81-bed RCF that was in receivership and struggling operationally sold in Sedalia, Missouri. Plains Commercial Real Estate was engaged by the court appointed receiver, Mike Flanagan, to market and sell the facility that sits about 90 minutes from Kansas City.
Built in 1987, Stoney Ridge Village was approximately 56% occupied at the time of marketing. It had been cash flow negative for a few years. The buyer was Northeast-based owner/operator Elder Care Partners, which has similar facilities in the state. The facility faced operational headwinds that accelerated the timeline to get to closing. Daniel Morris handled the transaction, which closed quickly in approximately seven weeks from the signing of the LOI.
