ESI completes SNF sale of 280 beds; Blueprint secures deal for Connecticut nursing home
Evans Senior Investments (ESI) was involved in the sale of a large community of qualified nurses in Florida.
Built in the 1960s, the 200-plus-bed facility includes semi-private or three-bed rooms. The community was operating at a loss at the time of marketing with an occupancy rate of 41%, according to a press release. Before the pandemic, the community averaged 73% occupancy.
“ESI conducted a confidential marketing process with a select group of regional owner/operators and found a buyer in less than 25 days. The ESI team successfully introduced the benefits of ownership to a new regional operator to integrate several in-house expense services that were outsourced as part of the vendor’s operations,” said ESI Senior Partner Henry Fuller, in the press release.
ESI represented the seller, a regional owner/operator, who wished to exit this community given its distance from its existing portfolio.
“This transaction presented an exciting opportunity for a new ownership group with operational expertise and synergies in the State of Florida to integrate this community into their existing portfolio,” said Jason Stroiman, President and Founder of ESI, in the press release.
The buyer was an East Coast-based skilled nursing owner-operator.
ESI expects to close an additional $1.6 billion in transaction volume in 2022.
Blueprint secures deal for Connecticut SNF
Blueprint helped facilitate the sale of a family-run, 190-bed specialty nursing facility in Connecticut.
The Shelton family had owned and operated the facility, which included an in-house pharmacy, since its construction in 1980. The facility was sold to a Connecticut-based owner-operator who intends to make improvements to the physical factory and continue to build the census and stabilize the workforce.
The transaction closed on June 30.
After being expanded in 1991, the facility benefited from its proximity to referral sources in New Haven County, particularly Yale-New Haven Hospital, according to a news release.
Despite struggling during Covid, the facility had a historic occupancy rate of over 94% and revenue over $20 million, the statement said.
Blueprint received five “highly competitive bids” after approaching 10 groups in a highly confidential and competitive process, the firm said.
JLL sells Dallas transitional care center
JLL Capital Markets has completed the sale of Methodist Transitional Care Center, a 100-bed, 66-unit transitional care facility located in the Dallas suburb of DeSoto, Texas.
Madison Marquette, the seller, completed the transaction with Location Finders International Real Estate in a transaction where the absolute net lease had just over 13 years of principal term remaining. There are also two five-year renewal options, and the cap rate based on the first year’s rent is 6.8%, according to the press release.
“We are delighted with the acquisition of this prime asset and the increase of our holdings in the market,” said Michael Rose, principal partner and founder of LFI, in the press release.
The Methodist Transitional Care Center is leased to a joint venture between Methodist Health Systems and HMG Healthcare.
The facility is equipped with state-of-the-art technology and specialized resources for patients requiring intravenous therapy, physiotherapy, speech therapy, occupational therapy, wound care, pulmonary care, and many other treatments and services. The center also includes a large state-of-the-art therapy gym, resident dining room, full bathrooms with showers in all resident rooms, a fully equipped commercial kitchen and a centrally located administration area with offices, storage and a conference room, according to the news. Release.
JLL Managing Directors Charles Bissell and Evan Kovac led the transaction.