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