IPA Negotiates Sale of Operations of Seven-Property Nursing Home Portfolio

Harris Hill, a McGuire facility in Williamsville, N.Y. Harris Hill, a McGuire facility in Williamsville, N.Y.

NEW YORK CITY — Institutional Property Advisors (IPA), a New York-based division of Marcus & Millichap, has arranged the sale of the leasehold interest of the McGuire portfolio, seven nursing homes in New York state and Michigan.

The sale includes the operating company in charge of the properties but not the physical real estate.

The portfolio totals 1,456 licensed beds, largely located in the Buffalo, N.Y., metro area. The portfolio produces $150 million in annual revenue, according to IPA. The sale price was not disclosed.

The IPA team of Mark Myers, Joshua Jandris and Charles Hilding represented the seller, a private family company, and procured the buyer, a long-term care startup seeking to grow its operating platform.

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