Maryland Facility Sells for $17.25M
Marcus & Millichap’s Knapp Group Seniors Housing Advisors facilitated the sale of a 145-bed skilled nursing facility in Burtonsville, Md., for $17.25 million. After facing increased management challenges, the not-for-profit Michigan-based owners sold the 62,500 square-foot facility to a Maryland-based LLC that owns and operates several SNFs.
Jim Knapp and Joseph Knapp from the Detroit office of Calabasas, Calif.-based Marcus & Millichap, served as key advisers on the transaction, according to a press release announcing the deal.
$27 Million Long-Term Care Hospital Approved in Columbia, Mo.
The Planning and Zoning Commission of Columbia, Mo., unanimously approved Landmark Hospitals’ $27 million long-term care hospital on Sept. 6, The Columbia Missourian reported.
The hospital will be Landmark’s second Columbia hospital and its fourth in Missouri. The facility will provide in-house wound care, CT scans, medical office space, and an on-call center, Landmark said in an application to the Missouri Health Facilities Review Committee for a certificate of need. Construction will be completed by September 1, 2020, according to the Naples, Fla.-based company.
The new facility will replace an existing Landmark hospital that currently provides the only long-term care within 100 miles of Columbia, according to the Missourian. Landmark plans to convert that existing facility into a rehabilitation center and use the new 23-bed hospital for long-term care, physician Mohammad Jarbou said in the application.
Advocate Healthcare Management Takes Over Management of Boston-Area SNF
Sancta Maria Nursing Facility in Cambridge, Mass., signed a contract to be operated by Advocate Healthcare Management in a deal that will keep the 134-bed SNF from closing, the Boston Business Journal reported.
Sancta Maria had told Massachusetts’ Department of Public Health in mid-August that it would close by December 31 due to mounting operating losses, but the arrangement with Haverhill, Mass.-based Advocate will let the facility stay open. The Daughters of Mary of the Immaculate Conception, the religious order that owns and operates the non-profit nursing home, will remain the legal owner. No financial terms were disclosed, but under the transition, Advocate expects to retain “nearly all” of Sancta Maria’s staff.
Advocate currently owns and operates the Don Orione Home in East Boston, according to Boston Business Journal.
Written by Maggie Flynn