CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. Theresa Care Center in Cincinnati.
A public REIT elected to execute the strategic sale of the facility following an operator transition earlier this year. St. Theresa Care Center is licensed for 92 assisted living beds and 99 skilled nursing beds.
A National Historic Landmark, St. Theresa Care Center was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building, which was ultimately converted to its current use, also features units available for independent living residents. However, the independent living and assisted living floors were most recently underutilized.
Positioned as a value-add opportunity for an incoming buyer to capitalize on Ohio’s recent and substantial Medicaid reimbursement rate enhancements, the buyer was an owner-operator with a growing presence in the metro area seeking platform expansion. The facility has since been renamed The Mariemont Care Center
Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly led the transaction for Blueprint.