ESI Closes on 280-Bed SNF Sale; Blueprint Secures Deal for Connecticut Nursing Home

Evans Senior Investments (ESI) assisted in the sale of a large Florida skilled nursing community.

Built in the 1960s, the 200+ bed facility features semi-private or three bed wards. The community was operating at a loss at the time of marketing with occupancy at 41%, according to a news release. Prior to the pandemic, the community averaged 73% occupancy.

“ESI ran a confidential marketing process to a select group of regional owners/operators and procured a buyer in less than 25 days. The ESI team was successful in showcasing the property’s upside for a new regional operator to bring multiple expense departments in house that were outsourced under the seller’s operations,” Henry Fuller, ESI senior associate, said in the release.

ESI represented the seller, a regional owner/operator, who was interested in exiting from this community given its distance from their existing portfolio.

“This transaction presented an exciting opportunity for a new ownership group with operational expertise and synergies in the state of Florida to incorporate this community into their existing portfolio,” Jason Stroiman, president and founder of ESI, said in the news 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 190-bed family-owned Connecticut skilled nursing facility.

The Shelton family 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 has plans to make improvements to the physical plant and continue to build census and stabilize staffing.

The transaction closed on June 30.

Having been expanded in 1991, the facility benefitted from its proximity to referral sources in New Haven County, specifically Yale-New Haven Hospital, according to a news release.

Despite struggling during Covid, the facility had a historical occupancy in excess of 94% and revenues in excess of $20 million, according to the release.

Blueprint received five “highly competitive offers” after approaching 10 groups in an extremely confidential and competitive process, the firm said.

JLL Sells Dallas Transitional Care Center

JLL Capital Markets closed the sale of Methodist Transitional Care Center, a 100-bed, 66-unit, transitional care facility in the Dallas suburb of DeSoto, Texas.

Madison Marquette, the seller, completed the transaction to Location Finders International Real Estate in a deal where the absolute net lease had just over 13 years of primary 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 news release.

“We are excited about the acquisition of this first-class asset and increasing our holdings in the market,” Michael Rose, principal partner and founder of LFI, said in the news release.

Methodist Transitional Care Center is leased to a joint venture between Methodist Health Systems and HMG Healthcare.

The facility comes equipped with advanced technologies and specialized resources for patients needing intravenous therapy, physical therapy, speech therapy, occupational therapy, wound care, pulmonary care and many other treatments and services. The center also features a large state of the art therapy gym, resident dining area, full bathrooms with showers in all resident rooms, a fully outfitted 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.

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