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LITTLE EGG HARBOR, N.J. — Institutional Property Advisors, a brokerage division of Marcus & Millichap, has arranged the sale of Arcadia Nursing and Rehabilitation Center for $15 million. The facility is located in Little Egg Harbor, about 30 miles north of Atlantic City.
The cost includes $13 million for the 115-bed skilled nursing facility itself, as well as $2 million for the adjacent six-acre plot of land which has already been approved for expansion of long-term care, assisted living and medical office properties.
The seller was a private, local company looking to divest. The buyer was a private, regional investor.