CHICAGO, IL – Mark Myers (top right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of 21 seniors housing facilities – including two portfolios – nationwide. Since January of 2011, Myers has successfully closed $200 million in commercial real estate sales.
Myers, a senior vice president investments in the Chicago office of Marcus & Millichap, worked with other seniors housing investment specialists across the firm’s nationwide network to sell these facilities.
“Demand for seniors housing is accelerating, fueled by an increase in the number of employed Americans receiving healthcare benefits since the passage of healthcare reform,” says Myers.
“As occupancies and property operations continue to improve, publicly traded REITs and seniors housing operators – flush with cash and able to secure financing – have re-entered the marketplace to purchase seniors housing facilities.
“With a growing share of baby boomers on the brink retirement and stabilizing property operations, cash-rich REITs are back, and driving sales activity.”
In one of his largest transactions, Myers arranged the sale of six assisted living facilities in Indiana for $123 million. Myers closed this transaction in conjunction with senior associate Christopher Hyldahl, located in Marcus & Millichap’s West Los Angeles office.
Myers also negotiated the sale of the Careage Management portfolio for $27.65 million. The nine-property portfolio of nursing homes is located in Nebraska and Iowa. Myers closed this sale in conjunction with Thomas DeWaay (top left photo), an associate vice president investments in the company’s Des Moines, Iowa office, and Joshua Jandris, an associate in the Chicago office.
In Salem, N.J., Myers negotiated the sale of the Salem County Nursing Home at 435 State Route 45 for $7.5 million. Marcus & Millichap was able to achieve optimum pricing on behalf of the seller, the Salem County Improvement Authority, considering that this transaction closed at $1 million more than its original listing price, according to Myers.
Ben Sgambat (middle right photo)i, a vice president investments in the firm’s New Jersey office, also provided representation. The buyer was a regional provider.
The 38,340-square foot Lincoln Manor also commanded optimum pricing of $6.5 million – the original asking price. The 140-bed Lincoln Manor nursing home at 2650 N. Monroe was a privately owned facility with no debt, located approximately one half mile from the 372-bed Decatur Memorial Hospital. Myers procured the buyer, an investor from Chicago, and represented the seller, a group of investors from Illinois and other states, in this transaction.
Kenwell Senior Living Center (lower left photo), a 43,255-square foot, 148-bed adult care facility in Kenmore, N.Y., traded for $3.23 million in a deal arranged by Myers. Jacob Gehl, a vice president investments, and senior associate Ben Firestone, who are both located in Marcus & Millichap’s Chicago Downtown office also provided representation. The broker of record on this sale was J.D. Parker, vice president and regional manager of the firm’s Manhattan office.
St. Ann’s Healthcare Center, a 50,246-square foot seniors housing community in Chester, Ill., commanded $1.45 million in a transaction closed by Myers. The buyer was a Chicago-based seniors housing provider, and the seller was a private company based in Southern Illinois.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
MAITLAND, FL. - NAI Realvest recently negotiated a new five-year lease agreement for the 3,490 square foot building located at 6150 Silver Star Rd. in Orlando. The building was previously occupied by an auto service firm. 
