The seller, a national, publicly-traded REIT, owned all three buildings with leases to an operating partner seeking to reduce exposure to the greater Boston market. Through a targeted marketing process, Blueprint assisted the seller to reach an agreement with the buyer, a regional operator seeking to enter the Massachusetts skilled nursing market. Additionally, Blueprint worked to pair the buyer with a capital partner to further bolster the likelihood of a successful transaction.
Blueprint effectively directed the sale of the operationally struggling facilities by ensuring the buyer had appropriate capital backing and could expeditiously navigate the Massachusetts change of ownership process. At the time of the sale, the three buildings were 90% occupied with a 15% quality mix. Annual revenue was approximately $21 million.
The transaction represents Blueprint’s 15th Massachusetts disposition since the firm’s inception.
The deal was led by Christopher Hyldahl, Steve Thomes, and Gideon Orion.