Another family-owned skilled nursing business has exited the industry, with Evans Senior Investments handling the sale of Mabry Health Care in Gainesboro, Tennessee. Family-owned since its founding in 1979, the facility is located just 20 miles outside of Nashville. It originally focused on skilled nursing care, but the facility expanded its services in 2005 to include assisted living. Today, the facility comprises 108 total beds/units, including 80 skilled nursing beds and 28 assisted living beds across 16 units
However, despite its longstanding presence in the community, Mabry Health was struggling with considerable challenges at the time it hit the market, with 71% occupancy and a one-star rating from CMS. These obstacles, as well as the state’s market conditions, led the owner to explore options for transitioning out of the business.
ESI facilitated an off-market transaction, connecting the seller with Strawberry Fields REIT, which owned 14 other facilities in the state. To ensure a smooth transition, Strawberry Fields’ operator stepped in to assist with operations before the sale was finalized, maintaining consistent quality of care for residents. The REIT paid $6.7 million, or $62,000 per bed/unit.
The facility was added to an existing Infinity of Tennessee Master Lease, and the deal will increase the REIT’s annual rents by $670,000 and is subject to 3% annual increases.
