Welltower Acquires Two Virginia Memory Care Communities
Brooks Blackmon and Ben Firestone of Blueprint Healthcare Real Estate Advisors arranged the sale of two memory care communities in Virginia. The communities are in the enviable position of being stabilized with high occupancy and above-market rates. The Richmond location opened in 2015, and the Virginia Beach property was completed in 2008. Both feature 48 units and 35,000 square feet. A local developer/operator built and managed the communities, which command the top rates in their respective markets, but is now exiting the assets. Welltower, in partnership with ProMedica, paid $31 million, or $322,900 per unit, for the communities. That is right below the average price for Virginia... Read More »
Blueprint Gets Top Dollar for Empty Building
Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors just sold a 70- unit empty building (70 beds) in the Texas Panhandle for $10 million, or nearly $143,000 per unit. That is an extraordinary price given that it was empty, was never licensed and never opened. Built by Mainstreet in 2019 with 49,959 square feet and fully furnished at the time of the sale (probably needed to dust off the furniture), the facility never opened and was eventually foreclosed on by the bank lender. Mainstreet had built many of these transitional care facilities over the years, several of which never opened as competition for high-acuity, post-acute patients soared, as did the... Read More »
New Blueprint MOB Team Closes Second Deal
Blueprint Healthcare Real Estate Advisors’ new medical office building team of Eric Lee and Chris Lashmet just closed their second MOB deal. Hired by a public REIT seller, the team sold a 57,000-square foot, Class-A building in the La Crosse-Onalaska area of Wisconsin. Sitting on 15.19 acres in a retail/commercial corridor, with five acres dedicated to new development, the building opened in 1992. Blueprint was able to articulate a path to stabilization during the marketing process and found a local buyer with tenant relationships in the market. The new owner also has plans to execute the expansion in the additional five acres. Read More »
Blueprint Announces First MOB Deal
Blueprint Healthcare Real Estate Advisors is breaking into the realm of medical office building acquisitions after proving itself as an active dealmaker in seniors housing brokerage. Late last year, Blueprint hired Eric Lee and Chris Lashmet, two veterans in the MOB and REIT space, to build out the practice, which is starting to bear fruit. Blueprint represented the seller, MDG Real Estate Global, in the deal. Seavest Healthcare Properties, backed by its parent company Seavest Investment Group, was selected as the buyer after a competitive marketing process where several MOB players submitted competitive bids. Built in 2013, the targeted building features eight stories and 72,000... Read More »Schedule a demo
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