The Healthcare Real Estate Team of Sperry Van Ness (SVN) recently closed on the sale of two skilled nursing facilities (“SNFs”) with a combined 145 licensed beds, for a total price of $1,625,000 in Hobbs and Artesia, New Mexico. SVN also closed on the sale of three skilled nursing facilities with a combined 288 beds for $4.6 million in McAllen, Harlingen, and Brownsville, Texas. The Evangelical Lutheran Good Samaritan Society, the country’s largest non-profit provider of senior care and services with more than 240 locations in 23 states, was the seller for both of the New Mexico and Texas transactions.
The buyer for the New Mexico transactions was Heartland Care based in New Mexico and the buyer of the Texas portfolio was California-based Ensign Group, is a publicly traded company which operates 77 senior care facilities throughout the Western United States. The transactions were handled by Grant Edwards, National Director of Sperry Van Ness’s Healthcare Real Estate Team. Transactional support was also provided by Jake Corrigan, advisor with Sperry Van Ness’s Healthcare Real Estate Team.
According to Grant Edwards, “This transaction allowed the non-profit organization to redirect substantial resources to its facilities in other parts of the country. Sperry Van Ness was tasked with identifying a qualified Buyer, one with turnaround expertise and substantial access to operating capital. We succeeded in fulfilling those requirements, while also ensuring that the facilities were sold to a community-minded operator. In many respects, the transaction showcased the strength of the Sperry Van Ness national platform and our team’s client-first approach to senior care brokerage.”