Sale of 300+ Bed Skilled Nursing Portfolio in Ohio
Blueprint completes strategic portfolio sale amid industry volatility triggered by pandemic
Situated in Canton, Toledo, and Rockford and spanning 200 miles across the state of Ohio, the three facilities were originally built in the 1960s and 1970s and underwent considerable renovations and major upgrades since 2015.
The facilities were well maintained, and consolidated performance was steadily improving along with census levels until the impact of COVID-19 reached the Midwest.
The REIT owner in conjunction with the operator decided to engage Blueprint at the onset of the pandemic to conduct a strategic sale process targeting well-capitalized active investors that could complete a transaction in light of the foreseeable market headwinds.
Blueprint’s competitive process yielded seven competitive offers and the ultimate buyer selected was an East Coast-based equity investor partnered with a regionally-focused operator seeking Midwest platform expansion.
Working closely with all parties through unprecedented operational challenges resulting from the pandemic, Blueprint shepherded the transaction to a successful close with a well-coordinated transitional handoff to the new operator.