A not-for-profit, faith-based operator of senior care services in the Philadelphia area sold its flagship senior care campus in North Wales, Pennsylvania. That seller, Abramson Senior Care, has over 150 years of experience caring for the Jewish elderly in the area and opened this community in 2001 on 78 acres. The campus includes 324 private skilled nursing beds, 46 personal care (assisted living) units and two independent living units. Well-maintained, it also received over $5 million in renovations since 2008 and carries a five-star rating from CMS.
Abramson Senior Care made the decision to sell the campus but still wanted to see a continuation of its mission and religious programming, along with keeping a relationship with the new owner. So, they hired Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors to handle the sales process to a small group of pre-selected/seller-approved prospects.
The initial 30-day marketing period in the first quarter of 2020 resulted in eight competitive proposals from regional and national owner/operators, plus some private equity investors. A final round of bidding saw Imperial Healthcare Group chosen as the buyer. Based in Lakewood, New Jersey, Imperial Healthcare is relatively new, but its CEO has ownership interests in 11 skilled nursing facilities in Pennsylvania. The operations were transferred, Jewish programming like Kosher dining and rabbinical services will continue, and the deal closed on October 27.
That deal followed another from Blueprint, in which Steve Thomes, Chris Hyldahl and Gideon Orion represented a REIT client in a re-tenanting of its vacant skilled nursing facility in Connecticut. The 66-bed facility had its beds reverted to the State following closure of the asset, but it offered an opportunity for conversion to an addiction recovery facility. A growing provider in that space stepped in to lease the building from the REIT after a long, but successful, process to rezone the property for its new purpose.
