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Tennessee Re-Tenancy
Sale of 130-bed skilled nursing facility in Knoxville
Blueprint is pleased to announce the sale of Renaissance Terrace in Harriman, TN. The 130-bed skilled nursing facility is located in the Knoxville metro area and has limited competition, with only two other facilities within 20 miles. Blueprint was exclusively engaged by the seller, a publicly traded California based REIT, for which the offering represented a strategic non-core disposition.
A highly selective and confidential marketing campaign positioned the asset as a value-add play in which a regional operator with existing synergies could create operational efficiencies and capture upside.
At the outset of marketing, trailing twelve month operational performance yielded $6,600,000 in Total Revenue and $444,000 in EBITDAR, representing a 6.7% operating margin.
After a competitive bidding process, which included multiple offers from qualified regional and national players, Nick Martinez & Todd Okum of O&M Investments, LLC, moved to make the successful bid.
O&M Investments will be leasing the facility to a reputable regional operator with an existing footprint in Tennessee.
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