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Chesapeake Bay Portfolio Play

Portfolio Sale in Virginia
Targeted approach results in highly competitive bidding process amid dynamic market conditions
Blueprint acted as the exclusive advisor to Norfolk-based Sentara Healthcare for the sale of Sentara’s Life Care portfolio of skilled nursing and seniors housing facilities consisting of approximately 900 total beds located throughout southern Virginia.

Following the 2019 sale of three skilled nursing facilities that Blueprint represented, Sentara made the determination to exit the space and focus on expansion and innovation in acute care.

The marketing process for the portfolio began in late Q1 2020 to a specific list of potential acquirers. The concise 30-day marketing process resulted in 11 competitively priced offers from regional owner-operators and public REITs that represented nearly 50% of the target market.

The buyer selection process included several rounds of interviews which were required to lay the foundation for a symbiotic post-transaction relationship between the future operator and Sentara.

Sentara ultimately chose Omega Healthcare Investors, Inc. to acquire the real estate which in turn leased the facilities to its longstanding operating partner, Saber Healthcare Group, expanding the existing master lease. The Omega/Saber partnership was selected as the acquirer for the growing operational synergies between Saber and Sentara and the partnership’s ability to mitigate closing obstacles brought on by the pandemic.

Blueprint effectively managed Sentara through the marketing and contract negotiation processes as well as diligence to close the all-cash transaction amid the especially turbulent operating environment.

Michael Segal

Steve Thomes

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