Skilled Nursing Facility Sold
$21.5M or $115,000 Per Bed
Closed: August 1st, 2019
SLIB arranged the $21.5M sale of a cash-flowing Skilled Nursing Facility located in Chambersburg, Pennsylvania. Falling Spring Nursing and Rehabilitation Center includes 186 SNF beds, trading for $115,000 per bed. The community was built in 1968 and encompasses approximately +/- 100,000 sq. ft. on a +/- 8.9 acre lot. At commencement of marketing, this community was generating nearly $3,000,000 in annual NOI at approximately 88% occupancy. The ownership group experienced regulatory issues at this community, which drove down performance from prior years. Those issues have since been turned around.
According to Matthew Alley, Managing Director, “This transaction allowed for the ownership group to exit the Pennsylvania market, which is outside of their normal scope of operations. This deal showed the benefits of SLIB’s regional expertise as the Buyer is located in New York and is looking to expand its presence in Pennsylvania.”
Chambersburg is located in Franklin County of south central Pennsylvania. The community is 55 miles southwest of Harrisburg, 160 miles southeast of Pittsburgh, 160 miles west of Philadelphia and 80 miles northwest of Baltimore. Major roadways providing access to the community include US-30 and Interstate 81.
The Selling Entity has a small presence in Pennsylvania and is seeking to divest of this asset to focus on their core markets. Buyer is a regional owner/operator with two decades of operational experience. This acquisition falls under their existing platform and will continue their commitment to superior care for their residents and a quality work environment for their staff.
Matthew Alley, Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage secured a buyer for this transaction.
For more information on the above transaction, or to inquire about the value of your Senior Living Communities, please contact Matthew Alley.
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