CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million.
The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed.
The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in total revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City.
The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships and more local growth. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding.
The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sale price equates to $45,000 per bed.
Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.