NEW YORK CITY—The operating entities controlling the seven-property McGuire Group nursing home portfolio in New York State and Michigan have changed hands. The New York State properties are predominately located in Western New York, with one facility on Long Island, and a Michigan facility in a suburb of Detroit.
In a deal brokered by Institutional Property Advisors, the operating entities managing operations at six nursing homes in New York State and one in Michigan have been acquired by an unnamed long-term care start-up. The seller is The McGuire Group, a Buffalo, NY-based family-owned health care provider. The transaction does not involve the sale of the real estate, solely the operations of the seven nursing home properties that contain 1,456 licensed beds. The individual properties' real estate is owned collectively by an unnamed real estate investment trust, an IPA official told Globest.com
While there was no purchase price released, IPA executive director Mark Myers says the portfolio produces approximately $150 million in annual revenue and maintains a high occupancy of approximately 94%.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
