$25M Skilled Nursing Facility Planned in Florida; Staged Portfolio Sale in OH

$25M Facility Grows in Florida

Greystone Healthcare Management announced the development of a 120-bed skilled nursing facility in Lakeland, Fla., with a target opening date in late 2020.

The $25 million project will bring skilled services to the Lake Gibson Village assisted and independent living community, with the goal of creating a “health care resort” of private and semi-private rooms.

“This represents the exciting first step in achieving our vision for the future,” Renee Tucker, chief executive officer of Lake Gibson Village, said in a statement announcing the new SNF. “We are thrilled to have a stellar company such as Greystone Health be a part of our community, as we share a deep passion for and commitment to serving seniors.”

Once opened, the Health and Rehabilitation Center at Lake Gibson Village will have courtyards, a cinema, a spa, and multiple dining venues, according to Greystone.

The Tampa, Fla.-based Greystone has a roster of 27 skilled and assisted living facilities throughout the Sunshine State, and has plans to begin construction on other new developments in Clermont and Apopka before the end of 2018.

Blueprint Oversees First Steps of SNF Portfolio Sale

Blueprint Health Care Real Estate Advisors this week announced the sale of two skilled nursing facilities and one assisted living building in northeast Ohio, the first in a planned multi-stage portfolio sell-off overseen by the Chicago-based advisory firm.

The three properties, formerly controlled by a regional owner-operator looking to exit the management space, have 347 licensed beds, according to Blueprint. Another regional operator first stepped in to lease the properties from the owner before buying the facilities under a pre-negotiated purchase option.

Jacob Gehl, Michael Segal, and Connor Doherty handled the sale for Blueprint.

143-Bed Skilled Nursing Facility Sells in Michigan

Providence Healthcare & Rehabilitation Center of Zeeland, a 143-bed facility, has a new owner.

Illuminate HC purchased the 143-bed facility in Zeeland, Mich. from Providence Life Services, a Illinois-based non-profit; the Zeeland building had been its only standalone skilled nursing facility outside of the Land of Lincoln.

Institutional Property Advisors, a subsidiary of real estate services firm Marcus & Millichap (NYSE: MMI), handled the transaction on behalf of Providence, led by the team of Mark Myers, Charles Hilding, and Joshua Jandris.

Illuminate, founded just 18 months ago, now operates a regional network of skilled nursing facilities under the trade name SKLD — pronounced “skilled.” The Evanston, Ill.-based provider also recently snapped up a nine-SNF portfolio that had previously been operated by HCR ManorCare.

Written by Alex Spanko