Turnaround Properties Draw Interest in Midwest; $4.7M Skilled Nursing Sale in NC

Blueprint Turns Two in Ohio, Wisconsin

Blueprint Healthcare Real Estate Advisors recently announced a pair of deals in the Midwest on behalf of major publicly traded real estate investment trusts (REITs).

The 96-bed Pine Valley Care Center in Richfield, Ohio has a new owner-operator, according to the Chicago-based brokerage. Once a recipient of the coveted five-star rating from the Centers for Medicare & Medicaid Services (CMS), the facility had undergone regulatory issues and a corresponding decline in occupancy.


Blueprint then marketed the facility as a turnaround opportunity, initially arranging a sub-lease for the new owner before the actual transaction closed in order to speed up the transition process.

The marketing strategy was a bit different for Lake Terrace Health and Rehabilitation in Milwaukee, which had already initiated a turnaround plan after receiving a CMS Special Focus Facility designation in 2014. The new owner of the 160-bed SNF, a Chicago-based owner-operator, plans to continue the positive trajectory and take advantage of Lake Terrace’s proximity to a major Milwaukee hospital.

Blueprint’s Ben Firestone, Michael Segal, and Connor Doherty were involved in the deals.


North Carolina Facility Sells for $4.7M

A New Jersey firm recently purchased the Brian Center of Winston-Salem nursing home for $4.7 million, according to a local news report.

Accordius Health — which operates 13 skilled nursing facilities, mostly in North Carolina — picked up the Winston-Salem facility as of August 1, the Triad Business Journal reported. The Brian Center had previously been owned by SMV Winston-Salem LLC.

Written by Alex Spanko

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