SLIB Brokers $2M Sale of Skilled Nursing Community in Fremont, Ohio

FREMONT, Ohio — Senior Living Investment Brokerage has arranged the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million.

The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. It was constructed in 1965 and expanded in 1989. The 73,515-square-foot property sits on 6.8 acres.

The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio.

The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to invest into improvements at the building.

The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.