Blueprint’s Behavioral Healthcare team advised a seniors housing investor to both obtain specialized zoning entitlements for a vacant seniors housing asset and to sell the asset as a potential behavioral healthcare conversion following the re-zoning. Andrew Sfreddo, Shane Harmon and Gunnar Raney handled the transaction.
Upon the investor securing the specialized zoning entitlements for inpatient behavioral use, Blueprint took the asset to market and procured an offer from a behavioral healthcare owner/operator which originally planned to purchase the asset, deploy capital improvements and license the building as an inpatient substance abuse facility.
However, during escrow, Blueprint was approached by an adolescent mental healthcare provider expressing strong interest in leasing and operating the property. Blueprint introduced the buyer to the prospective tenant, resulting in the consummation of a triple-net lease, closing on the real estate shortly thereafter. Blueprint subsequently sold the real estate again to a private REIT as a triple-net investment immediately after the seller purchased the property.
Within a year, Blueprint’s client acquired the property and put in place enhanced zoning entitlements, assisted the subsequent buyer to structure a new long-term lease and sold the property as a long-term triple-net leased investment. The sale price of the property increased over 250% from its original valuation as a vacant seniors housing community.
