Sale of Four Michigan Skilled Nursing Facilities Announced
CALABASAS, CA–Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a portfolio of four Skilled Nursing Facilities in Michigan that consisted of a total of 393 beds. The properties are in Fremont, Fenton, Ovid, and Wayne.
Mark Myers, Charles Hilding, and Joshua Jandris with Marcus & Millichap represented the seller in the transaction. The purchaser for all but the Wayne facility was a large Michigan operator who sourced REIT financing for the transaction. The Wayne facility was purchased by a local owner/operator from the Detroit area. The facilities are older and in need of capital improvements, which was reflected in the pricing.
Headquartered in Calabasas, CA, with over 1,800 investment sales and financing professionals located throughout the U.S. and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.