Skilled Nursing Transactions: Blueprint, Sabra, CareTrust

Blueprint Announces Involvement in 20-SNF Portfolio Sale

Blueprint Healthcare Real Estate Advisors announced the portfolio sale of 20 skilled nursing facilities, with 1,866 total licensed beds, for $103.3 million. A dozen facilities were located in Kentucky, seven were in Ohio, and one was located in Indiana.

The Chicago-based advisory firm said it served as the exclusive adviser for a publicly traded real estate investment trust (REIT) that was divesting the assets as part of a broader ongoing strategy to diversify its operator base.

When Skilled Nursing News requested further details about the identity of the REIT, a Blueprint spokesperson directed SNN to a Jan. 2 release from Sabra Health Care REIT, Inc. (Nasdaq: SBRA) detailing Sabra’s sale of 20 SNFs operated by Genesis Healthcare, Inc. (NYSE: GEN).

Rick Matros, Sabra’s CEO, confirmed to SNN that Blueprint assisted with the Genesis sale.

Geisinger Health System Sells to Skyline Subsidiaries

Geisinger Health System, based in Danville, Pa., sold the Mountain View Care Center SNF to a subsidiary of Skyline Healthcare, Inc., which is based in New Jersey. Geisinger also sold the Bloomsburg Health Care Center nursing home to a different Skyline subsidiary.

No disruption of services is expected at the facilities, The Times-Tribune reported. The sales prices were not disclosed.

Elderwood Buys New York Nursing Home

The Adirondack Tri-County Nursing Home in North Creek, N.Y., was sold to Post-Acute Partners for $2.8 million and another $180,000 for operating interests, Sun Community News reported. The deal was effective Jan. 22.

The 82-bed nursing home, which had 84.5% occupancy in 2017, is now Elderwood at North Creek. Elderwood has facilities in Rhode Island and in western and central New York, director of business development Anna Foy told Sun Community News.

ESI Arranges Sale of Montana Skilled Nursing Facility for $5.7M

Evans Senior Investments (ESI) facilitated the sale of the 186-bed Copper Ridge Health & Rehab Center in Butte, Mont., for $5.7 million, or $57,000 per bed based on the 98 functional beds. ESI represented the seller.

The facility was purchased by CareTrust REIT (Nasdaq: CTRE) and added to its existing master lease with Salt Lake City-based Eduro Healthcare, which took over operations on Feb. 1. The initial increase in yearly cash rent from Eduro’s amended master lease will be about $540,000, with annual Consumer Price Index-based rent escalators, according to CareTrust.

Written by Maggie Flynn