Blueprint Advises Another SNF Sale
Blueprint Healthcare Real Estate Advisors’ Ben Firestone and Michael Segal recently facilitated the sale of Magnolia Manor, a skilled nursing facility in Inman, South Carolina. Built in 1967, Magnolia has 176 beds, which represents over 40% of the total licensed beds in the local market and twice the capacity of the next largest competitor. The seller was a partnership that had leased the facility to a large East Coast-based provider that also operates another facility in the area. That operator will continue to manage the facility following stable and consistent operational performance. Not only that, but the operator also emerged as the buyer, beating out four other competing... Read More »
Blueprint Closes SNF Sale in Virginia
Blueprint Healthcare Real Estate Advisors continued its recent surge in closings with the sale of a rural Virginia skilled nursing facility. Located just off I-81 in the southwest Virginia town of Rural Retreat, the 120-bed facility was built in 2015 with 20 private and 50 semiprivate units. Shortly after it achieved stabilization, its operator, Traditions Senior Management, decided to execute its below-market purchase option on the facility’s real estate. Occupancy remained strong until the pandemic when the facility like many others saw census dip. Being one of the newest facilities in the area, it was still able to attract a healthy quality mix. But financials could certainly be... Read More »
Blueprint Facilitates SNF Divestment in Michigan
Mike Segal and Dan Mahoney of Blueprint Healthcare Real Estate Advisors helped a Detroit-area owner/operator of skilled nursing facilities divest a geographical outlier in Battle Creek, Michigan. Built in 1967 and renovated in 1985, the 82-bed facility was owned and operated by Advantage Living Center. It was underperforming, leading the owner to bring in the Blueprint team to market and sell the asset. The buyer ended up being a New York-based equity group interested in expanding its Midwest presence into Michigan with a new operating partner. There were some physical plant issues that required additional inspections and some delays with the CON approval. But even with bringing on a new... Read More »
Blueprint Facilitates Sale of AL Community in South Carolina
Brooks Blackmon, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors recently facilitated the sale of a 72-unit assisted living community in Columbia, South Carolina. Built in the late-1990s, the all-private pay community recently underwent a $1.25 million renovation. It features all private units and mid-market rates. The marketing process focused on regional owners and operators, and Blueprint ultimately advised the seller to move forward with a buyer that all parties had previously transacted with. Given the level of familiarity between the buyer and seller, as well as the all-cash offer, the transaction closed within 90 days of going under LOI. The buyer will... Read More »Schedule a demo
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