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| Chautauqua County Home Nursing Facility, Dunkirk, NY |
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| Joshua Jandris |
DUNKIRK, NY – Institutional Property Advisors (IPA), a
division of Marcus & Millichap Inc. specializing in serving institutional
and major private real estate investors, is pleased to announce the sale of the
Chautauqua County Home, a 133-room, 216-bed skilled nursing facility
located near Lake Erie in Dunkirk, N.Y.
The investment real estate asset sold for $16 million or
$74,000 per bed.
“Chautauqua County Home is a large facility with a significant number of
beds, robust revenues, high historical occupancy and an attractive physical
plant with new and extremely efficient mechanical systems,” says IPA senior
director Joshua Jandris.
“Operationally, the facility was losing money,” notes IPA
executive director Mark Myers.
“The buyer plans to implement significant positive changes
that will convert the negative cash flow into a profitable operation.”
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| Mark Myers |
Jandris and Myers represented the seller, Chautauqua County,
and procured the buyer, a growing regional provider with a handful of
facilities in upstate N.Y. J. D. Parker, first vice president in Marcus &
Millichap’s Manhattan office, is the firm’s broker of record in New York state.
Chautauqua County Home is less than two miles from downtown
Dunkirk. The facility is set on a large, wooded parcel abutting a creek,
vineyards and a nature sanctuary.
The 65-bed Brooks Memorial Hospital and the Village of
Fredonia, home to the State University of New York at Fredonia, are nearby.
Constructed in 1960 on 30 acres, the property was upgraded between 2001 and
2003 with a new entryway and lobby, and four additions that increased the
facility’s size from 106,740 square feet to 154,232 square feet.
In 2010, the
replacement of the facility’s boilers, hot water tanks and energy controls was
completed.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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