Bridgemarks the Spot
Blueprint is pleased to announce the successful portfolio sale of 14 skilled nursing facilities located in Illinois and Missouri. The publicly-traded REIT seller sought to strategically reduce its exposure in these particular markets and conclude its relationship with the respective operators. Blueprint was selected as the exclusive advisor on the transaction for its successful track record completing large portfolio dispositions in the Midwest.

The portfolio was leased to two unaffiliated, Illinois-based operators and is comprised of 1,581 total licensed beds. The facilities were predominantly in secondary and tertiary markets in Central and Southern Illinois, along with two locations in Missouri. Several facilities were recently renovated to offer high acuity, short-term rehabilitation care, resulting in a relatively high number of private rooms. Moreover, all facilities are strategically located near primary referral sources.

Blueprint effectively marketed the nuanced, multi-state portfolio to carefully selected, qualified investors and skilled nursing operators. The process yielded several competitive offers serving to drive value, with the ultimate buyer selected in part due to its existing presence in the region and desire to retain the larger in-place lessee, Bridgemark Healthcare, to operate all the facilities. As a result, the transaction achieved all parties’ primary objectives and maintained operational continuity moving forward.

The purchase price was $59.75 million or approximately $38,000 per bed.

Ben Firestone and Michael Segal handled the transaction.

Ben Firestone
Executive Managing Director & Co-Founder
Michael Segal
Senior Managing Director