DONE DEAL:
Rocky Mountain Match
Blueprint is pleased to announce the successful sale of Washington Terrace Center, a 120-bed skilled nursing facility in Ogden, Utah. Blueprint executed the transaction on behalf of a public REIT and its operating partner seeking to exit the state.
Originally built in 1986 with a substantial renovation project completed in 1997, Washington Terrace Center is strategically located across from Ogden Regional Medical Center. The facility maintained a positive reputation in the market; however, with over 900 beds within a five-mile radius, there is hyperintense local competition for the area’s quality referrals. The facility’s census was in line with the market but remained consistently lower than operationally stabilized levels.
Blueprint was engaged to position the offering as a value-add opportunity for an incoming operator to introduce specialty programming to boost census. Blueprint’s marketing campaign further differentiated the facility from the area’s competition by highlighting its proximity to top referral sources and health networks.
During the sale process, Blueprint sourced The Ensign Group, Inc. as the buyer for its achievable synergies with Ensign’s 5-star CMS rated facility across the street. “We are very excited to add to our growing footprint in Utah, where our team of local operators and clinical leaders continue to build a network of services designed to serve the needs of a dynamic and growing healthcare community,” said Barry Port, Ensign’s Chief Executive Officer. “This facility, combined with our existing operations in the greater Ogden area, enhances our ability to be the provider of choice in Northern Utah,” Port added. Blueprint worked closely with the seller and both operators to facilitate a smooth transition and a timely closing.
The sale was handled by Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal.
LEAD ADVISORS
Christopher Hyldahl
Executive Managing Director & Co-Founder
310.893.7181
chyldahl@blueprintHCRE.com
Ben Firestone
Executive Managing Director & Co-Founder
312.300.4000
bfirestone@blueprintHCRE.com
Gideon Orion
Managing Director
310.893.7183
gorion@BlueprintHCRE.com
Michael Segal
Managing Director
312.300.4137
msegal@BlueprintHCRE.com